低碳约束下碳信息披露、碳绩效对财务绩效的影响研究

发布时间：2018-01-20 05:44

本文关键词： 世界500强碳信息披露碳绩效财务绩效　出处：《江苏大学》2017年硕士论文　论文类型：学位论文

【摘要】：在低碳约束发展的背景下,为避免气候变化带来的风险,越来越多的企业选择披露碳信息,响应国家碳减排的政策,关注碳绩效的变化,注重企业的可持续发展。但与发达国家企业相比,我国企业在碳信息披露及碳减排方面所采取的行动仍相差甚远。并且,目前国内外学者对于碳信息披露、碳绩效究竟会带给企业怎样的影响,尚未形成统一的观点,不能为投资者提供良好的决策依据。由于世界500强企业作为全球企业的典范,自2003年以来,一直向碳信息披露项目提供碳排放相关的信息,对于环境保护和碳减排的关注度较高,这值得全球其他企业学习。鉴于碳密集型行业与碳非密集型行业的碳信息披露评分、碳绩效的均值和标准差相差较大,以及两组行业所处的环境不同,本文结合相关理论的分析以及前人研究,对两组行业分别提出研究假设。为此,本文基于2011年-2013年94家世界500强企业的CDP报告,以及各企业的碳信息披露评分、碳排放量、财务数据,分组研究碳信息披露、碳绩效对当期财务绩效之间的影响,以及对当期财务绩效的显著影响是否递延至下期,并进行对比分析。通过实证研究,本文发现,对于碳密集型行业而言,企业的碳信息披露不能显著促进当期财务绩效的提高,但碳绩效可以显著促进当期财务绩效的提升,并且碳绩效对当期财务绩效的影响可以延伸至下期;对于碳非密集型行业而言,碳信息披露可以显著促进当期财务绩效的提升,并且碳信息披露对当期财务绩效的正向影响可以延伸至下期;但碳绩效不能显著促进当期财务绩效的提高。最后,本文根据实证研究的结论,对于我国碳信息披露体系的建设提出了政策建议。
[Abstract]:In the context of low-carbon constraints, in order to avoid the risk of climate change, more and more enterprises choose to disclose carbon information, respond to the national carbon emission reduction policy, and pay attention to the change of carbon performance. Pay attention to the sustainable development of enterprises. But compared with the enterprises in developed countries, the actions of Chinese enterprises in carbon information disclosure and carbon emission reduction are still very different. And, at present, domestic and foreign scholars on carbon information disclosure. The impact of carbon performance on enterprises has not yet formed a unified view, can not provide investors with a good basis for decision-making, because the world's top 500 enterprises as a model of global enterprises. Since 2003, carbon information disclosure project has been providing information on carbon emissions, for environmental protection and carbon emission reduction concerns are high. This is worth learning from the rest of the world. Given the carbon disclosure scores of carbon-intensive and non-carbon-intensive industries, the difference between the average and standard deviation of carbon performance is large, and the environment of the two groups of industries is different. Based on the analysis of relevant theories and previous studies, this paper puts forward the research hypotheses for the two groups of industries. Therefore, this paper is based on the CDP report of 94 Fortune 500 companies from 2011 to 2013. And the carbon information disclosure score, carbon emissions, financial data, groups of carbon information disclosure, carbon performance impact on the current financial performance. And whether the significant impact on the current financial performance is deferred to the next period, and to carry out comparative analysis. Through empirical research, this paper found that, for carbon-intensive industries. The carbon disclosure of enterprises can not significantly promote the current financial performance, but carbon performance can significantly promote the current financial performance, and the impact of carbon performance on the current financial performance can be extended to the next period; For non-carbon-intensive industries, carbon disclosure can significantly promote the current financial performance, and the positive impact of carbon disclosure on current financial performance can be extended to the next period. However, carbon performance can not significantly promote the improvement of current financial performance. Finally, based on the conclusions of empirical research, this paper puts forward some policy recommendations for the construction of carbon information disclosure system in China.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：X196;F275

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