碳信息披露的价值效应:环境监管的调节作用  

Firm Value Effects on Carbon Disclosure: The Regulatory Role in Environmental Supervision

作　　者：符少燕 李慧云[1,2] Fu Shaoyan;Li Huiyun

机构地区：[1]北京理工大学管理与经济学院 [2]北京理工大学管理与经济学院信息披露与公司治理研究中心

出　　处：《统计研究》2018年第9期92-102,共11页Statistical Research

基　　金：国家社会科学基金重点项目"我国军工上市公司信息披露;创新行为与投资效率的理论分析与统计研究"(18ATJ003);国家自然科学基金项目"中国上市公司自愿性信息披露影响因素及监管研究"(71140006);北京经济社会可持续发展研究基地的资助

摘　　要：本文通过构建多层线性模型分析了地区层次的环境监管因素对企业层次的上市公司碳信息披露价值效应的影响。研究发现,在碳信息披露与企业价值的U型关系中,环境监管具有调节作用,良好的环境监管有助于增强企业碳信息披露与企业价值的正向关系。本文进一步研究发现,相比非国有企业,良好的环境监管对国有企业更能增强企业碳信息披露与企业价值的正向关系。同一环境监管水平下,国有企业比非国有企业更有利于偏向企业碳信息披露与企业价值的正向关系。本研究丰富了环境监管和碳信息披露的有关经济后果领域的文献,并为企业在不同环境监管水平下,充分提升碳信息披露水平与提高企业价值,以及为政府的相关环境监管建设,促进低碳经济发展提供了参考。This paper analyzes the effects of environmental regulatory factors at the regional level on the value of carbon disclosure of listed firms by constructing a hierarchical linear model. It is found that the environmental supervision has a regulatory role in the U-shaped relationship between carbon disclosure and firm value. A good environmental supervision helps to strengthen the positive relationship between carbon disclosure and firm value. Moreover,this paper further finds that in comparison with non-state owned enterprises,a good environmental supervision on state-owned enterprises can strengthen the positive relationship between carbon disclosure and firm value. Under the same environmental supervision,the state-owned enterprises are more conducive to the positive relationship between carbon disclosure and firm value than the non-state owned enterprises. This study has enriched the literature on the environmental supervision and the economic consequences of carbon disclosure. It also provides useful references not only to firms for fully enhancing the level of carbon disclosure and escalating their firm value under different environmental supervision,but also to the governments at various levels for building up an environmental regulatory system and promoting the development of low-carbon economy.

关 键 词：碳信息披露 环境监管 企业价值 

分 类 号：C812[社会学—统计学]