碳信息披露对企业绿色转型的影响研究  

A Study on the Impact of Carbon Information Disclosure on the Enterprises’Green Transformation

作　　者：徐辉[1] 周孝华[2] 周兵[1] XU Hui;ZHOU Xiaohua;ZHOU Bing(School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China;School of Economics and Business Administration,Chongqing University,Chongqing 400044,China)

机构地区：[1]重庆工商大学会计学院,重庆400067 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《经济经纬》2024年第5期41-52,共12页Economic Survey

基　　金：重庆市教委人文社会科学研究项目党的二十届三中全会精神研究阐释专项课题(24SKCS)。

摘　　要：基于信号显示理论和合法性理论的双重视角,构建碳信息披露指标体系,并利用沪深A股上市企业2013—2023年的相关数据,系统分析碳信息披露对企业绿色转型的影响效应和作用机制。研究发现:碳信息披露对企业绿色转型具有显著的激励效应。机制检验结果表明,缓解融资约束和吸引外部市场关注是碳信息披露助力企业绿色转型的传导机制。拓展性分析结果显示,“双碳”目标对碳信息披露助力企业绿色转型具有显著的激励效应;投资者识别能力可以强化碳信息披露对企业绿色转型的激励效应,表明碳信息披露和投资者识别能力在激励企业绿色转型方面存在互补关系。研究结论加深了对碳信息披露经济后果的理论认知,为中国坚定不移地推进生态文明建设提供了理论支撑,也为“双碳”目标下中国企业实现绿色转型、制定碳监管政策提供了可行的路径选择。Based on the dual perspectives of signal display theory and legitimacy theory,the paper builds a carbon information disclosure indicator system,and uses relevant data of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2013 to 2023 to systematically analyze the impact of carbon information disclosure on corporate green transformation and mechanism of action.The study shows that carbon information disclosure has a significant incentive effect on enterprises’green transformation.Mechanism test results show that alleviating financing constraints and attracting external market attention are the transmission mechanisms for carbon information disclosure to help enterprises’green transformation.The results of extended analysis show that the“double carbon”target has a significant incentive effect on carbon information disclosure to help enterprises green transformation.Investor identification ability can strengthen the incentive effect of carbon information disclosure on enterprises’green transformation,indicating that carbon information disclosure and investor identification ability are complementary in motivating enterprises’green transformation.The conclusions not only deepen people’s theoretical understanding of the economic consequences of carbon information disclosure,but also provide theoretical support for China to unswervingly promote the construction of ecological civilization.They also provide feasible path options for China enterprises to achieve green transformation and formulate carbon regulatory policies under the“double carbon”goal.

关 键 词：碳信息披露 企业绿色转型 环境绩效 经济绩效 绿色创新绩效 

分 类 号：F830[经济管理—金融学]