碳信息披露水平对企业融资约束的影响研究  

Research on the Effect of Carbon Information DisclosureLevel on Corporate Financing Constraints

作　　者：迟远英[1] 秦翰林 陈亚会 CHI Yuanying;QIN Hanlin;CHEN Yahui(School of Economics and Management,Beijing University of Technology,Beijing 100124,China;Business School,Beijing Normal University,Beijing 100875,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《经济与管理评论》2023年第6期5-16,共12页Review of Economy and Management

基　　金：国家自然科学基金重大项目“面向碳中和的中国经济转型模式构建研究”(7214000);教育部人文社会科学研究项目“‘30·60’双碳目标下绿色电力证书交易机制研究”(21YJA790009)。

摘　　要：“双碳”背景下,我国正在积极引导企业关注和披露碳信息,企业碳信息的披露涉及企业的经营与发展,其中,是否会影响企业融资约束成为关注的重点。以2011-2020年沪深两市上市公司为样本,实证研究碳信息披露水平对企业融资约束的影响,发现碳信息披露水平越高,越能有效缓解企业的融资约束程度,且这一影响在非国有企业和非重污染行业中更为显著。基于信号传递理论,发现碳信息披露会通过媒体关注度作用于企业的融资约束。应进一步完善对企业披露碳信息的规范要求,建立合理的媒体关注及传播方式和渠道,缓解企业融资约束问题。Under the background of"Double Carbon",our country is actively guiding the enterprise to focus on and disclose carbon information.The disclosure of the enterprise's carbon information involves the enterprise's operation and development,among them,whether affecting the enterprise’s financing constraints becomes the key point of concern.This paper takes the listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2020 as samples to empirically study the effect of carbon information disclosure level on corporate financing constraints.It is found that the higher the level of carbon information disclosure,the higher the degree of corporate financing constraints being alleviated,and this impact is more significant in non-state-owned enterprises and non-heavily polluting industries.Based on the signal transmission theory,this paper finds that carbon information disclosure affects the financing constraints of enterprises through media attention.Therefore,it is necessary to further improve the standard requirements for enterprises to disclose carbon information,establish reasonable media attention and communication methods and channels,and alleviate the financing constraints of enterprises.

关 键 词：碳信息披露 融资约束 媒体关注度 中介效应 

分 类 号：F424[经济管理—产业经济]