碳信息披露质量对企业价值的影响  

The Impact of Carbon Information Disclosure Quality on Corporate Value

作　　者：齐岳[1,2] 安佳琪 解琳 Qi Yue;An Jiaqi;Xie Lin(Business School,Nankai University,Tianjin 300071,China;China Institute of Corporate Governance,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学商学院,天津300071 [2]南开大学中国公司治理研究院,天津300071

出　　处：《金融理论探索》2025年第2期3-12,共10页Exploration of Financial Theory

基　　金：天津市高等学校研究生教育改革研究计划重点项目“‘科教兴国战略’下基于金融科技改革财务金融课程群的教学与实践”(TJYGZ43)。

摘　　要：碳信息披露是实现“双碳”目标的重要基础,而制造行业作为碳减排的关键领域,其碳信息披露质量对企业价值的影响尤为重要。本文以2013—2021年A股制造业上市公司为研究对象,构建了一套基于广泛指标和数据的、更具科学性与精准度的碳信息披露质量评价体系,并深入探讨了碳信息披露质量对企业长期价值的影响及作用机制。研究发现,改善碳信息披露质量能够显著提升企业长期价值,在考虑了内生性问题和稳健性检验后,结论依然成立。碳信息披露质量通过降低企业综合融资成本从而提升企业长期价值。因此企业应重视碳信息披露的战略价值,提升碳信息披露的意识和能力,合理利用高质量碳信息披露吸引投资者,降低融资成本,加速实现长期价值与环境绩效的双重提升。政府应完善碳信息披露标准与监管,建立多层次的监管体系和碳信息披露激励机制,推动整个制造行业的低碳发展。As a fundamental pillar for achieving the“dual-carbon”goals,carbon information disclosure plays a critical role in the manufacturing sector—a key domain for carbon emission reduction.This study constructs a scientifically rigorous and data-driven evaluation system for carbon information disclosure quality,utilizing panel data from A-share listed manufacturing companies in China(2013—2021).We further investigate the impact of carbon information disclosure quality on corporate long-term value and its underlying mechanisms.This study reveals that improving the quality of carbon information disclosure significantly enhances corporate long-term value,and this conclusion remains robust after addressing endogeneity issues and conducting rigorous robustness checks.The underlying mechanism lies in the reduction of firms’overall financing costs through high-quality carbon disclosure.Therefore,enterprises should strategically prioritize carbon information disclosure by strengthening institutional awareness and disclosure capabilities.By leveraging high-standard carbon disclosure to mitigate financing constraints and attract environmentally conscious investors,firms can effectively achieve synergistic improvements in both sustainable value creation and environmental performance.Governments should improve carbon information disclosure standards and regulation,establish multi-layer regulatory system and incentive mechanism,so as to promote low carbon development in the whole manufacturing industry.

关 键 词：碳信息披露质量 评价体系 企业价值 融资成本 

分 类 号：F275.5[经济管理—企业管理]