气候变化、环境规制与公司碳排放信息披露的价值  

Climate Change,Environment Regulation and the Firm Value of Carbon Emissions Disclosure

作　　者：闫海洲[1,2,3] 陈百助[1,2,3] YAN Haizhou CHEN Baizhu(Shanghai University of International Business and Economic University of Southern Californi Nanjing Audit Universit)

机构地区：[1]上海对外经贸大学,上海200021 [2]美国南加州大学,美国洛杉矶90089 [3]南京审计大学,江苏南京211815

出　　处：《金融研究》2017年第6期142-158,共17页Journal of Financial Research

基　　金：上海市教育委员会科研创新项目(项目编号:14YS104);国家社会科学基金项目(项目编号:13CJY098);国家社科基金重大项目(15ZD058)资助

摘　　要：本文讨论了气候变化和环境规制背景下企业碳排放信息披露对于其市场价值的影响。基于我国上市公司为样本的实证研究表明:公司进行碳排放信息披露对其市场价值有正向的影响;与低碳排放企业相比,高碳企业披露碳排放信息更利于其市场价值提升;与位于非碳市场交易试点的公司相比,试点区域公司的碳排放信息披露对其价值影响不大。我们从市场信号传递效应和生产价值效应两种假说对此进行了解释,前者通过了检验,而后者得不到证实。本文不仅首次讨论了气候变化下我国企业进行碳信息披露的市场价值效应,而且分析了环境规制对企业资产价格的影响,同时也丰富了企业社会责任、信息市场效率等领域的文献,对于我国如何有效利用环境规制机制和资本市场价格引导机制改善环境有明确的政策含义。This .paper discusses the impact of carbon emission information disclosure on firm market value under the background of climate change and government regulation. The results show that ： the disclosure of carbon emission information has a positive impact on corporate market value; high carbon corporate＇ s emission disclosure behavior is more conducive to enhance its market value; firms＇ emission disclosure behavior in Caron Trade Pilot cities have little impact on their market value. We also discuss the mechanism of corporate＇ s cad^on emission disclosure affecting the market value based on two assumptions which are market signal transmit effect and production value effect. It shows that corporate＇ s emission disclosure behavior affects the confidence of investors, and they improve the corporate＇ s market value in financial market, but there is no evidence about value spillover effect in production market. This paper discusses the information effect of energy conservation and emissions reduction and extends the literature of corporate finance, corporate social responsibility and market information effect.

关 键 词：环境规制 碳排放信息披露 自然实验 企业价值 

分 类 号：F275[经济管理—企业管理] P467[经济管理—国民经济] X322[天文地球—大气科学及气象学]