气候变化、环境规制与公司碳排放信息披露的价值

发布时间：2018-07-21 14:43

【摘要】：本文讨论了气候变化和环境规制背景下企业碳排放信息披露对于其市场价值的影响。基于我国上市公司为样本的实证研究表明:公司进行碳排放信息披露对其市场价值有正向的影响;与低碳排放企业相比,高碳企业披露碳排放信息更利于其市场价值提升;与位于非碳市场交易试点的公司相比,试点区域公司的碳排放信息披露对其价值影响不大。我们从市场信号传递效应和生产价值效应两种假说对此进行了解释,前者通过了检验,而后者得不到证实。本文不仅首次讨论了气候变化下我国企业进行碳信息披露的市场价值效应,而且分析了环境规制对企业资产价格的影响,同时也丰富了企业社会责任、信息市场效率等领域的文献,对于我国如何有效利用环境规制机制和资本市场价格引导机制改善环境有明确的政策含义。
[Abstract]:This paper discusses the influence of carbon emission information disclosure on the market value of enterprises under the background of climate change and environmental regulation. The empirical research based on the sample of listed companies in China shows that: the disclosure of carbon emissions information has a positive impact on the market value, compared with low carbon emission enterprises, the disclosure of carbon emissions information by high-carbon enterprises is more conducive to its market value. The disclosure of carbon emissions from firms in the pilot regions has little impact on their value compared with those in the non-carbon market. We explain this from two hypotheses of market signal transmission effect and production value effect, the former has passed the test, but the latter has not been proved. This paper not only discusses the market value effect of carbon information disclosure by Chinese enterprises under climate change for the first time, but also analyzes the impact of environmental regulation on enterprise asset prices, and enriches corporate social responsibility. The literature in the field of information market efficiency has a clear policy meaning on how to effectively use the environmental regulation mechanism and the capital market price guidance mechanism to improve the environment.
【作者单位】：上海对外经贸大学;美国南加州大学;南京审计大学;
【基金】：上海市教育委员会科研创新项目(项目编号:14YS104) 国家社会科学基金项目(项目编号:13CJY098) 国家社科基金重大项目(15ZD058)资助
【分类号】：F275;P467;X322

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