企业碳信息披露的碳减排效应及其作用机制  

Carbon reduction effect of corporate carbon information disclosure and its mechanisms

作　　者：郭四代[1] 雷高文 苏伟洲[1] 袁子寒 GUO Sidai;LEI Gaowen;SU Weizhou;YUAN Zihan(School of Economics and Management,Southwest University of Science and Technology,Mianyang Sichuan 621010,China;School of Management,University of Science and Technology of China,Hefei Anhui 230026,China)

机构地区：[1]西南科技大学经济管理学院,四川绵阳621010 [2]中国科学技术大学管理学院,安徽合肥230026

出　　处：《中国人口·资源与环境》2023年第12期51-59,共9页China Population,Resources and Environment

基　　金：国家社会科学基金项目“人口转型、研发创新对产业结构变迁的影响机制与路径选择研究”(批准号:20XJL013),“中国式现代化城乡融合发展道路的生成逻辑与创新路径研究”(批准号:22BKS155)。

摘　　要：在实现“双碳”目标的宏观愿景下,提升企业碳信息披露质量有助于促进企业开展碳减排工作,发挥企业在实现“双碳”目标过程中的积极作用。基于中国A股上市公司的面板数据,综合主成分分析法和熵权法评价企业碳信息披露质量,采用固定效应模型检验企业碳信息披露的碳减排效应及其异质性,并进一步分析其作用机制。研究结果表明:①企业碳信息披露具有显著的碳减排效应,采用更换核心解释变量和被解释变量测度方式、消除股市周期性波动、排除其他政策干扰以及工具变量等多种方法进行稳健性检验后,该结论仍然成立。②异质性分析发现,企业碳信息披露的碳减排效应会因企业融资约束程度、区域位置的不同而出现差异性。其中,碳信息披露的碳减排效应在低融资约束水平下不显著,而在高融资约束水平下显著为负;在东部区域之外企业中不显著,而在东部区域企业中显著为负。③机制分析发现,企业碳信息披露主要通过企业间资本流动和生产调整机制推动企业碳减排。提升企业碳信息披露质量不仅有助于投资者甄别企业碳排放水平,进而减少对高碳企业的投资,还可以向企业管理者反馈有效的生产信息,帮助企业及时调整生产活动,最终推动企业实现碳减排。基于实证结果,提出强化企业碳信息披露的主动性、分阶段推行企业碳信息强制披露机制和推动企业碳信息异质性披露等对策建议。同时厘清了企业碳信息披露的碳减排效应及其作用机制,为健全碳市场数据质量管理长效机制提供了政策启示。In the context of China's long-term vision of achieving the goals of reaching peak carbon emissions and carbon neutrality,improving the quality of corporate carbon information disclosure is conducive to the promotion of corporate carbon emission reduction and enables enterprises to play a positive role in realizing these goals.Based on the panel data of A-share listed companies in China,this study evaluated the quality of corporate carbon information disclosure using principal component analysis and the entropy weight method,examined the carbon emission reduction effect of corporate carbon information disclosure and its heterogeneity using fixed effects models,and further analyzed its mechanisms.The results showed that:①Carbon information disclosure had a significant carbon emission reduction effect.This conclusion still held after adopting various robustness tests by replacing the core explanatory variable and explained variable,eliminating stock market fluctuations,excluding other policies,and using instrumental variables.②Heterogeneity analysis found that the carbon emission reduction effect of corporate carbon information disclosure differed depending on corporate financing constraints and regional locations.Specifically,the effect was insignificant under low financing constraint levels,while it was significantly negative under high financing constraint levels.It was insignificant for enterprises in China's non-eastern regions,while significantly negative for enterprises in the eastern region.③Mechanism analysis showed that corporate carbon information disclosure promoted corporate carbon emission reduction mainly through inter-firm capital flows and production adjustments.That is,improving the quality of corporate carbon information disclosure not only helped investors identify corporate carbon emission levels and reduce investment in high-carbon enterprises,but also provided effective production information for corporate managers to timely adjust production activities,ultimately driving corporate carb

关 键 词：制造业 碳信息披露 碳减排效应 资本流动 企业生产 

分 类 号：X321[环境科学与工程—环境工程]