碳绩效与财务绩效  

Carbon Performance versus Financial Performance

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,210023 [2]澳大利亚西悉尼大学

出　　处：《会计研究》2017年第2期76-82,共7页Accounting Research

基　　金：国家社会科学基金项目(13BGL057)资助

摘　　要：企业为什么自愿花费资源进行碳减排活动?该研究旨在通过考察企业碳绩效与财务绩效间关系来回答这个问题。研究采用美国标准普尔500公司样本,利用碳排放数据计量碳绩效来考察企业碳绩效与财务绩效间关系。为了减缓内生性问题,研究运用联立方程模型进行分析。结果表明,企业碳绩效和财务绩效正相关。研究还发现,财务绩效好的企业的碳信息披露透明度更高。企业碳绩效和财务绩效可以兼得的证据表明,兼负财务与社会责任的企业高管之所以愿意从事碳减排活动,是因为这样做不仅可以改善企业的绿色形象,还可以获取切实的经济利益。Extant literature has failed to document consistent evidence that socially responsible activities are positively related to financial performance. Our study attempts to address this issue by investigating the relation between carbon performance and financial performance. We employ a sample of US S&P500 corporations and use emissions reduction to measure carbon performance and Tobin's Q to measure financial performance. We also consider the influence of carbon disclosure on the relation by conducting simultaneous equations analysis. The results show a positive relation between carbon performance and financial performance. In addition,we find firms with better financial performance tend to be more transparent in carbon disclosure. A higher degree of correspondence between carbon performance and financial performance indicates managers who have chosen carbon projects that have not only improved firm green image but have also generated tangible economic benefit.

关 键 词：碳减排绩效 企业社会责任 财务绩效 经济责任 联立方程 

分 类 号：F275[经济管理—企业管理]