沪港交叉上市公司碳信息披露问题研究

发布时间：2018-03-26 03:45

本文选题：碳信息披露　切入点：企业价值　出处：《南京信息工程大学》2017年硕士论文

【摘要】：近十年来,气候变化已经从一个自然科学命题、政治命题逐渐扩展成经济命题和金融命题。在这一大背景下,本文从企业微观结构角度出发,选取我国大陆在沪港交叉上市的公司为研究样本,用样本公司2010年-2015年的数据来研究沪港交叉上市公司气候变化治理实践的相关成果。主要包含三个方面的内容,依据指标体系评估沪港交叉上市公司的碳信息披露现状;从公司治理和公司财务角度选取控制变量,通过多元回归分析的实证方法来研究碳信息披露对企业价值的影响;从公司治理、公司财务、行业类型、上市年限等角度实证分析碳信息披露的驱动因素。碳信息披露对企业价值影响模型的研究结果表明,企业的碳信息披露质量和财务状况对企业价值影响较为显著;而企业价值水平受公司治理结构的影响则不够显著。碳信息披露驱动因素的模型结果显示,公司碳信息披露水平受股权集中度、企业规模、行业类型和上市年限的影响显著,但企业盈利和董事会独立性对企业碳信息披露水平影响不大。最后,根据实证分析的研究结果给出政策建议:政府应通过立法等强制性手段来加强企业对碳信息的披露,从法律法规角度去规范和管理企业的碳披露;企业应转变发展理念走可持续发展道路和低碳发展模式,增强气候变化治理实践活动,企业在学习借鉴中应致力于其内部治理管理框架的构建以完善其经营结构,积极履行社会责任;投资者等利益相关者要关注企业社会责任的履行以及碳信息披露情况并提高对企业温室气体排放情况和气候变化治理战略的关注。
[Abstract]:In the past decade, climate change has gradually expanded from a natural science proposition, a political proposition to an economic one and a financial one. The cross-listed companies in Shanghai and Hong Kong in mainland China are selected as the research samples, and the data of the sample companies from 2010 to 2015 are used to study the related achievements in the practice of climate change governance of the cross-listed companies in Shanghai and Hong Kong. According to the index system to evaluate the current situation of carbon information disclosure in Shanghai and Hong Kong cross-listed companies, select control variables from the perspective of corporate governance and corporate finance, and study the impact of carbon information disclosure on corporate value through the empirical method of multiple regression analysis. This paper empirically analyzes the driving factors of carbon information disclosure from the perspectives of corporate governance, corporate finance, industry type, and the number of years listed. The results of the research on the impact of carbon information disclosure on enterprise value show that, The quality of carbon information disclosure and financial status of enterprises have a significant impact on corporate value, while the corporate value level is not significantly affected by corporate governance structure. The model results of the driving factors of carbon information disclosure show that, The level of carbon information disclosure is significantly affected by ownership concentration, enterprise size, industry type and listing life, but corporate profitability and board independence have little effect on carbon disclosure level. According to the research results of empirical analysis, this paper gives some policy recommendations: the government should strengthen the disclosure of carbon information by means of legislation and other mandatory means, and regulate and manage the carbon disclosure of enterprises from the angle of laws and regulations; Enterprises should change their concept of development and take the path of sustainable development and low-carbon development model, strengthen the practical activities of climate change governance. Enterprises should devote themselves to the construction of their internal governance management framework in order to perfect their management structure. Stakeholders such as investors should pay attention to corporate social responsibility and carbon disclosure and increase their focus on greenhouse gas emissions and climate change management strategies.
【学位授予单位】：南京信息工程大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：X196;F832.51;F275

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