生态效率对公司市场价值的影响研究——基于世界500强企业碳排放数据  

Impact of Corporate Eco-Efficiency on Its Market Value:Empirical Analysis from Carbon Emission Data of Global 500 Companies

作　　者：白世秀[1] 王宇[1] 张德刚[1] BAI Shixiu;WANG Yu;ZHANG Degang(Northeast Forestry University, Harbin Heilongjiang 150040, China)

机构地区：[1]东北林业大学

出　　处：《生态经济》2018年第7期39-43,共5页Ecological Economy

基　　金：黑龙江省自然资金面上项目“碳信息披露对企业全要素碳生产率影响研究”(G2016005);中央高校基本科研业务费专项资金项目“重点国有林区经济转型过程中职工家庭的福利变化及生计模式研究”(2572015EC04)

摘　　要：文章从生态效率基本理论分析入手,研究生态效率对市场价值的影响,提出生态效率对公司市场价值影响的假设,并以英国提供的CDP报告为基础,选取世界500强企业中能够在2009—2013年连续对CDP进行回复和披露数据的117家企业为样本,采用面板数据回归方法对其数据进行了分析。回归计算结果表明：在1%的显著性水平下,研究假设得到了有效验证,即企业生态效率的高低对其下一期的市场价值有着显著的促进或影响作用。最后根据研究结果,提出了相关的结论和启示。Starting from analyzing the theory of eco-efficiency and exploring the effect of corporate eco-efficiency on its market value, this paper then proposes the hypothesis that there is a significant influence of corporate eco-efficiency on its market value. Based on the carbon disclosure project（CDP） provided by Britain, a sample of 117 enterprises that were able to respond and disclose data to CDP from 2009 to 2013 are selected from the top 500 companies in the world, and thus panel data regression analysis was carried out on those samples in the article. Based on the regression results of the empirical model, the article finds that the level of eco-efficiency in the current period has a significant positive effect on the company＇s market value at the significant level of 1%. Finally, according to the researching results, this paper proposes some relevant implications and conclusions.

关 键 词：公司市场价值 生态效率 CDP 

分 类 号：F062.2[经济管理—政治经济学] F275