碳信息披露、碳业绩与资本成本  

Carbon Disclosure,Carbon Performance,and Cost of Capital

作　　者：何玉[1,2] 唐清亮[1,2] 王开田[1,2] 

机构地区：[1]南京财经大学会计学院,210046 [2]西悉尼大学商学院

出　　处：《会计研究》2014年第1期79-86,95,共8页Accounting Research

基　　金：国家社会科学基金(13BGL057);江苏省教育厅高校哲社基金(2013SJB6300036);南京财经大学预研究课题(A2010014);江苏高校优势学科建设工程项目(PAPD);江苏省高校哲学社会科学优秀创新团队建设项目资助

摘　　要：为应对气候变化挑战,越来越多企业自愿披露碳信息。本研究考察碳信息披露、碳业绩与资本成本之间关系。利用联立方程模型和标准普尔500企业样本,我们发现:资本成本与碳信息披露负相关,这符合自愿披露理论预测。而且,对于碳业绩好的企业,这个负相关关系更弱。我们还发现,碳信息披露与碳业绩负相关,这与合法性理论预测一致。研究表明,碳信息披露是企业的理性选择。企业披露碳信息旨在减轻合法性压力,降低资本成本。More and more firms are voluntarily disclosing carbon information as a response to the challenge of climate change. This research investigated the interactions among carbon disclosure,carbon performance,and the cost of capital. Because unobservable overall strategic decisions affect each of these outcomes and phenomena,we usedtwo simultaneous equations models to analyze our data. We used data from S&P 500 firms and found that the cost of capital is negatively associated with carbon disclosure,which is consistent with voluntary disclosure theory. This relationship is weaker for firms with good carbon performance. In addition,there is an inverse relationship between carbon disclosure and carbon performance,which is consistent with legitimacy theory.Our results suggest that voluntary carbon disclosure is a rational choice that firms make to reduce the pressure exerted by legitimacy threats and to lower the cost of capital.

关 键 词：碳信息披露 碳业绩 资本成本 联立方程 

分 类 号：X196[环境科学与工程—环境科学] F233[经济管理—会计学] F224[经济管理—国民经济]