碳信息披露能提升企业商业信用融资吗?  

Can Carbon Information Disclosure Promote Corporate Trade Credit Financing?

作　　者：李强[1] 张梦瑶 LI Qiang;ZHANG Mengyao(School of Economics and Management,China University of Mining and Technology,Xuzhou 221116,China)

机构地区：[1]中国矿业大学经济管理学院,江苏徐州221116

出　　处：《财经论丛》2024年第10期81-91,共11页Collected Essays on Finance and Economics

基　　金：国家社会科学基金项目(21BJY120);江苏省社科基金重点项目(20GLA006);中央高校基本科研业务费项目(2023ZDPYSK02)。

摘　　要：“双碳”背景下,企业披露的碳信息日益成为利益相关者决策的重要依据。本文以2010—2022年沪深A股上市公司为研究样本,采用文本分析法量化碳信息披露的可读性和信息增量特征,并探究其对商业信用融资金额与期限的影响。研究发现,企业碳信息披露可读性越好,所获的商业信用融资金额越高。而且,碳披露的信息增量越多,商业信用融资不仅额度越高且期限越长,表明相较于披露“形式”,供应商和客户更注重企业的“实质”表现。进一步的作用机制分析显示,良好的碳信息披露可读性和信息增量能够提升企业的信息透明度与市场地位,激发供应链上下游的善意信任与能力信任,进而对商业信用融资产生积极作用。异质性分析发现,在企业面临的媒体关注度越高以及所处地区环境规制越弱的情况下,碳信息披露的商业信用融资效应越显著。此外,经济后果检验表明,碳信息披露带来的商业信用融资能显著提升企业环境绩效与财务绩效,表现为促进绿色创新和提升企业价值。Under the background of“dual-carbon”,carbon information disclosed by enterprises has become an important basis for stakeholdersdecision-making.Taking A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 as research samples,this paper uses text analysis to quantify the readability and the incremental characteristics of carbon information disclosure,and explores its impact on the amount and the duration of trade credit financing.It is found that the more readable a companys carbon disclosure is,the higher the amount of trade credit financing it receives,and the more incremental the information,the higher the amount of and the longer the term of trade credit financing,suggesting that suppliers and customers are more interested in the“substance”of a companys performance than in the“form”of its disclosure.Further analysis of the mechanism of action shows that good readability and incremental information of carbon disclosure can enhance the information transparency and the market position of enterprises,stimulate goodwill trust and competence trust up and down the supply chain,and then have a positive effect on trade credit financing.Heterogeneity analysis reveals that the trade credit financing effect of carbon disclosure is more significant when the media attention faced by the enterprise is higher and the environmental regulation in the region is weaker.In addition,the economic consequence test finds that the trade credit financing brought by carbon disclosure can significantly improve the environmental performance and the financial performance of enterprises,which is manifested in the promotion of green innovation and the enhancement of enterprise value.

关 键 词：碳信息披露 商业信用融资 供应链信任 

分 类 号：F272.3[经济管理—企业管理]