上市公司碳管理机制与企业价值相关性研究  

An Empirical Research on the Correlation Between Carbon Governance Mechanism and the Corporate Value

作　　者：徐玮达 彭娟[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《上海管理科学》2016年第2期88-95,共8页Shanghai Management Science

摘　　要：本文从一个全新的角度——以碳管理机制对碳信息披露进行探究。本文以政府的角度制定了碳管理机制并且对企业价值的作用过程进行研究。其中碳管理机制包含了传统的碳信息披露,由于企业的信息披露主要属于自愿披露的范畴,所披露信息的可比性不强,急切需要政府来统一披露框架,由主动披露转换成强制披露,从而形成碳管理机制。本文考虑了从政府角度出发研究政府介入对碳信息披露水平的影响,即碳管理机制的作用,利用指数法制定了15项碳排放相关信息的评分标准,并手工收集了沪深A股上市企业的2010-2014年年报中碳信息披露相关数据后,得到了企业的碳管理指数。并对相对的公司以及年份,把碳管理指数和企业价值之间进行实证研究。On top of that, this paper proposes a brand new topic to explore how the carbon governance mechanism effects carbon information dis＇closure. This paper investigates the mechanism, which includes the traditional carbon information disclosure, as well as the influence from the government＇ s point of view. Because the disclosure of company information is voluntary, the comparability is not high. Hence it is necessary for the government to standardize the disclosure framework, turning the disclosure compulsory in order to build a wholesome mechanism. Considering from the government＇ s point of view, this paper proposes a marking standard of carbon emissions, based on a analytic method by indexing from 15 factors. The factors are calculated by manually collecting carbon information from the annual reports of listed companies in Shanghai/ Shenzhen stock exchanges, between 2010 and 2014. Researches are carried out based on the relationship of carbon governance factors and company valuation, with regard to the listed companies on each year.

关 键 词：碳管理机制 碳信息披露 上市公司 企业价值 指数分析法 

分 类 号：F205[经济管理—国民经济]