碳信息披露对投资者保护影响的实证研究——基于沪深两市2008-2010年上市公司经验数据  

An Empirical Study on the Impact of Carbon Disclosure to Investor Protection—based on the Empirical Data of Listed Companies in Shanghai and Shenzhen Between 2008 to 2010

作　　者：彭娟[1] 熊丹[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200052

出　　处：《上海管理科学》2012年第6期63-68,共6页Shanghai Management Science

摘　　要：基于降低信息不对称和代理成本原理,信息披露成为投资者保护的关键因素之一。2003年起英国CDP联署机构投资者邀请企业向投资者披露碳信息,全球共4800多家公司通过CDP披露其温室气体排放和气候变化所带来的风险和机遇。本文搜集2008-2010年进行碳信息披露上市公司的披露情况,评价碳信息披露质量,研究是否披露碳信息、披露碳信息质量与企业代理成本间的相关关系,进而验证碳信息披露对投资者保护功能。研究结果表明,我国碳信息披露比例与质量偏低,但均呈逐年上升趋势;上市公司是否披露碳信息对代理成本没有明显的抑制作用;碳信息披露的质量与企业的显性代理成本没有显著相关关系,但高质量的信息披露能够有效抑制上市公司的隐性代理成本。The writer collects all the social responsibility reports of the listed company in Shanghai and Shenzhen Exchange Stock Market from year 2008 to year 2010 and picks up the data related to carbon information. Based on the principles of reducing the asymmetry of information and agency cost, the paper aims to test whether releasing the carbon information and the quality of the carbon information disclosed have relationship with or have effect on the companies＇ agency costs, in this way proving that carbon information disclosure plays a positive role in investor protection. The study shows that both the quantity and quality of carbon disclosure are low, and whether a listed company discloses the carbon information or not has no significant effect on the companies＇ agency cost. It also shows that high quality information disclosure of the listed company can effectively restrain the recessive agency cost.

关 键 词：碳信息披露 投资者保护 代理成本 信息不对称 

分 类 号：F224[经济管理—国民经济]