碳信息披露对上市公司融资约束影响的实证研究——基于资源型企业的经验证据

发布时间：2018-04-27 06:26

本文选题：碳披露 + 融资约束　；参考：《生态经济》2017年08期

【摘要】：碳信息披露作为反映企业应对气候变化的第一步,越来越受到关注,文章从上市企业外部融资约束的角度进一步展现碳信息披露的重要性。利用我国2009—2014年资源型上市公司碳信息披露数据,以CCGD作为碳信息披露质量评价体系,用ACW模型来验证了上市企业碳信息披露与外部融资约束间的假设关系。研究结果表明,资源型上市企业碳披露数量和质量在不断提高,并且通过多元回归发现碳信息披露对公司融资约束有显著影响,碳披露质量越高,企业的外部融资约束则越低。建议企业加强自我意识,进一步发展和提高碳信息披露质量,政府也应加快制定上市公司层面的碳排放披露政策。
[Abstract]:As the first step to reflect enterprises' response to climate change, carbon information disclosure has attracted more and more attention. This paper further demonstrates the importance of carbon information disclosure from the perspective of external financing constraints of listed enterprises. Based on the carbon information disclosure data of resource-based listed companies in China from 2009 to 2014, this paper uses CCGD as the evaluation system of carbon information disclosure quality, and uses ACW model to verify the hypothetical relationship between carbon information disclosure and external financing constraints of listed enterprises. The results show that the quantity and quality of carbon disclosure in resource-based listed enterprises are improving, and through multiple regression, it is found that carbon information disclosure has a significant impact on corporate financing constraints. The higher the quality of carbon disclosure, the lower the external financing constraints. It is suggested that enterprises should strengthen their self-awareness, further develop and improve the quality of carbon disclosure, and the government should speed up the formulation of carbon disclosure policies at the level of listed companies.
【作者单位】：南京信息工程大学经济管理学院;
【基金】：中国气象局软科学项目“气候变化应对下我国碳交易平台建设”(2012058) 国家自然科学基金项目“基于计算金融实验的市场崩溃与模仿式羊群行为研究”(71271118) 教育部人文社会科学研究项目“基于计算金融实验的市场崩溃与模仿式羊群行为研究”(12YJC790246)
【分类号】：F275;F832.51;X196

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