企业碳信息披露的价值效应研究--基于公共压力的调节作用  

Research on the Value Effect of Enterprise Carbon Information Disclosure--Based on the Adjustment of Public Pressure

作　　者：宋晓华 蒋潇 韩晶晶 赵彩萍 郭亦玮 余中福 Song Xiaohua

机构地区：[1]华北电力大学经济与管理学院/新能源电力与低碳发展研究北京市重点实验室,102206

出　　处：《会计研究》2019年第12期78-84,共7页Accounting Research

基　　金：北京市社科基金项目(17GLB010);教育部哲学社会科学重大课题攻关项目(18JZD032);高等学校学科创新引智计划(B18021);新能源电力与低碳发展研究北京市重点实验室的资助。

摘　　要：基于公共压力视角,以政府环境规制、媒体关注度和环保组织监督为切入点,选取我国上证社会责任指数成分股100家上市企业2011-2017年的数据为研究样本,分析碳信息披露与企业价值的相关关系,深入挖掘公共压力对于企业碳信息披露价值效应的调节作用。结果表明,从短期经营成果来看,碳信息披露水平的提升初期会抑制企业价值增长,但到一定程度时会促进价值增长;从长期市场价值来看,碳信息披露对企业价值具有正向促进作用。而企业所面临的公共压力越大,即政府环境规制、媒体关注度和环保组织监督水平越高,该价值效应就越显著。这为促进企业科学开展碳交易活动及碳信息管理、加强政府环境规制建设和媒体外部治理功能、有效发挥环保组织力量提供了经验证据。Based on the perspective of public pressure,this paper takes government regulation,media attention and environmental protection organization supervision as the entry point,and selects the data of 100 listed companies in China’s SSE Social Responsibility Index from 2011 to 2017 as a research sample.This paper analyzes the dynamic interaction between carbon information disclosure and enterprise value,and then deeply studies the moderating effect of public pressure on the correction between carbon information disclosure and corporate value.As is shown in the results,in terms of short-term operating results,the initial increase in carbon information disclosure will inhibit corporate value growth.But to a certain extent it will promote value growth.From the perspective of long-term market value,carbon information disclosure has a positive effect on the long-term market value of enterprises.Furthermore,the greater the public pressure faced by enterprises,which means higher government’s environmental regulation,media attention and environmental protection organization supervision,the more significant the value effect.This provides empirical evidence for promoting corporate carbon trading activities and carbon information management,strengthening government environmental regulation and external media governance functions,and effectively exerting the power of environmental organizations.

关 键 词：碳信息披露 公共压力 价值效应 调节作用 

分 类 号：F832.51[经济管理—金融学] F275[环境科学与工程—环境工程] X322