碳风险对环境信息披露质量的影响研究  

Research on the Impact of Carbon Risk on Environmental Information Disclosure Quality

作　　者：张娆 井好 Zhang Rao;Jing Hao

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《上海金融》2025年第1期31-42,共12页Shanghai Finance

基　　金：教育部哲学社会科学后期资助项目“绿色发展视角下企业绿色并购的驱动因素及经济效应研究”(项目批准号24JHQ034);国家自然科学基金面上项目“中间汇率制度为何长期存在:经验识别、理论解释与政策评估”(项目批准号72173074);江苏省社科联社科应用研究精品工程课题“科技金融赋能江苏新质生产力研究”(项目批准号24SYA-043);江苏高校“青蓝工程”(2022-2025)。

摘　　要：本文基于2013-2022年上市公司样本,研究了碳风险对企业环境信息披露质量的作用和影响路径,结果表明碳风险会显著推动企业环境信息披露质量的提升,结果通过了工具变量法等一系列内生性和稳健性检验。机制检验发现碳风险通过推动企业加大环保投入、加强绿色创新、抑制管理层短视心理提高了企业环境信息披露质量。进一步研究表明,碳风险对企业环境信息披露质量的改善作用在地处东部地区、属于高碳行业的非国有企业中会更显著。本文揭示了碳风险与企业环境信息披露质量二者之间的关系与作用机制,为我国在“双碳”目标背景下通过环境规制有效推动企业环境信息披露质量改善,进而助力全面低碳转型,建设绿色中国提供启示。Based on listed company samples from 2013 to 2022,this study investigates the impact of carbon risk on corporate environmental information disclosure quality and its underlying mechanisms.The results demonstrate that carbon risk significantly improves the quality of corporate environmental information disclosure,and the findings remain robust after a series of endogeneity and robustness tests including the instrumental variable approach.Mechanism test reveals that carbon risk improves environmental information disclosure quality by:promoting environmental protection investments,strengthening green innovation initiatives,and curbing managerial myopia.Further research indicates that the effect of carbon risk on environmental information disclosure quality is more pronounced in non-state-owned enterprises located in eastern regions and in high-carbon industries.This paper elucidates the relationship and mechanisms between carbon risk and corporate environmental information disclosure quality,providing implications for effectively environmental information disclosure through regulatory frameworks under China's“dual carbon”goals,thus facilitating comprehensive low-carbon transition and contributing to green China construction.

关 键 词：碳风险 环境信息披露质量 绿色转型 

分 类 号：F832.5[经济管理—金融学]