碳信息披露项目、企业回应动机及其市场反应——基于2008-2011年CDP中国报告的实证研究  

Empirical Research on the Factors and Market Reaction of Voluntary Responding to Carbon Disclosure Project Questionnaire——Based on CDP China Report from 2008 to 2011

作　　者：王君彩[1] 牛晓叶[1] 

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《中央财经大学学报》2013年第1期78-85,共8页Journal of Central University of Finance & Economics

基　　金：中央财经大学会计学院王君彩教授主持的"碳会计研究"课题的前期研究成果

摘　　要：以2008—2011年受邀回答CDP问卷的中国企业为研究样本,对中国企业自愿回应CDP问卷的动机及其市场反应进行实证研究发现:中国企业对CDP问卷做出回应的可能性与其机构投资者持股比例、产品外销比例显著正相关,与国有企业性质显著负相关,与企业行业类型的关系不显著;同时,市场对公司的自愿回应行为并没有给予预期的正面反应,表明投资者在非强制减排环境下并不关注企业是否低碳。本文试图为政府和监管部门减排决策提供经验证据。Based on the four CDP reports from 2008 to 2011, the factors and market reactions of voluntary response to CDP are investigated. We found that the probability of responding to CDP questionnaire is significantly higher for firms with institutional investors and foreign sales, lower for state enterprise and not significantly related to the industry kind. For the market reaction, capital market doesn＇t have positive reaction on corporations＇ volun- tary responding behavior, which indicates that investors don＇t care whether the enterprises have made preparations for the low carbon emission in the background of non - mandatory reducing emissions period. The findings will pro- vide empirical evidence for the governance and regulators to make decision.

关 键 词：碳信息披露项目 回应动机 市场反应 

分 类 号：F27[经济管理—企业管理]