强制性和自愿性碳信息披露制度对比研究——来自中国资本市场的经验  

Comparative Study of Compulsory and Voluntary Carbon Disclosure:Experience from China's Capital Market

作　　者：杨子绪 彭娟[1] 唐清亮[2] YANG Zixu;PENG Juan;TANG Qingliang(Antai College of Economics ＆ Management, Shanghai Jiao Tong University, Shanghai 200030, China;Business School, Western Sydney University, Sydney NSW 2751, Australia)

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030 [2]西悉尼大学商学院

出　　处：《系统管理学报》2018年第3期452-461,共10页Journal of Systems & Management

摘　　要：对比研究了在强制性和自愿性披露制度下:(1)企业碳信息质量是否存在差异;(2)投资者对碳信息的解读是否存在差异。研究发现,强制性碳披露的质量更高,却未能为投资者提供有用的增量信息。相反,自愿性碳披露更多地被投资者使用,表现为企业价值与披露质量显著正相关。该结论符合信号理论的推论。此外,还发现,政治关联与企业碳信息披露质量的关系呈倒U型。最后,提出了规范企业碳信息披露、加强市场有效性的建议。A comparative study is conducted in this paper to investigate,under compulsory and voluntary disclosure mechanisms,if there are differences in the quality of carbon information between enterprises and if there are differences in investorsinterpretation of carbon information？The empirical result shows that enterprises,under compulsory disclosure mechanism,tend to disclose carbon information of higher quality,which does not seem to provide useful incremental information for investors.On the other hand,voluntary carbon disclosure is referred by investors,as the value of enterprises is closely related to information quality under voluntary disclosure mechanism.This result agrees with the signal theory.In addition,the influence of political connection on enterprisescarbon disclosure is also studied.It is found that this influence is positive at first and then becomes negative.Finally,suggestions are put forward to standardize enterprisescarbon disclosure and increase market efficiency.

关 键 词：气候变化 碳信息披露 强制性披露 自愿性披露 

分 类 号：F275.5[经济管理—企业管理] F062.2[经济管理—国民经济]