碳信息披露、融资成本与企业财务绩效关系研究  

Research on the relationship between carbon information disclosure,financing cost and corporate financial performance

作　　者：许文静[1] 成雯昱 杜牧丛 Xu Wenjing;Cheng Wenyu;Du Mucong

机构地区：[1]中国石油大学(北京)经济管理学院 [2]英国利兹大学商学院

出　　处：《价格理论与实践》2022年第6期156-160,共5页Price:Theory & Practice

基　　金：国家社会科学基金面上项目“多层复杂网络视角下系统性重要金融机构的识别与监管研究”(20BJY233)。

摘　　要：厘清碳信息披露对企业财务绩效的影响及作用机理,是引导企业积极履行环境责任的内源动力。本文以2016-2020年重污染行业及电力行业为研究对象,实证检验了碳信息披露、融资成本与公司财务绩效之间的关系。研究发现:(1)披露碳信息能显著提高公司的财务绩效水平;碳信息披露的质量越高,对财务绩效的提升作用越显著;(2)影响机制分析表明:碳信息披露质量通过融资成本提升公司财务绩效;(3)异质性分析表明:市场化进程快的地区披露碳信息及提高碳信息披露质量对公司财务绩效的提升作用更显著。基于此,企业应不断提升碳信息披露的意愿和披露质量,政府可强化对绿色金融政策的制定和资金引导,推动市场化进程建设,助力绿色低碳转型发展。Clarifying the impact of carbon information disclosure on corporate financial performance and its mechanism is the endogenous power to guide enterprises to actively fulfill their environmental responsibilities. This paper takes the heavy pollution industry and power industry in 2016-2020 as the research object, and empirically tests the relationship between carbon information disclosure, financing costs, and corporate financial performance. The research finds that:(1) Disclosure of carbon information can significantly improve the financial performance of companies;The higher the quality of carbon information disclosure, the better the financial performance;(2) The analysis of the impact mechanism shows that the quality of carbon information disclosure improves the financial performance of the company through financing costs;(3) Heterogeneity analysis shows that the disclosure of carbon information and the improvement of the quality of carbon information disclosure in regions with rapid marketization process have a more significant effect on the improvement of corporate financial performance. Based on this, enterprises should constantly improve the willingness and quality of carbon information disclosure. The government can strengthen the formulation of green financial policies and financial guidance, promote the construction of market-oriented processes, and help green low-carbon transformation and development.

关 键 词：碳信息披露 财务绩效 融资成本 绿色低碳发展 

分 类 号：X322[环境科学与工程—环境工程] F426.61[经济管理—产业经济] F406.7