公司特征与碳信息自愿性披露——基于合法性理论的分析视角

Corporate Characteristics and Voluntary Carbon Disclosure:A Perspective of Legitimacy Theory

在自愿性信息披露的研究框架下,结合合法性理论,选取深沪A股上市公司为研究样本,通过对其2011年年报进行内容分析,构建了公司碳信息自愿性披露指数,对我国上市公司的公司特征与碳信息自愿性披露的关系进行了实证分析。实证检验发现:(1)公司规模、财务风险、固定资产比例均与碳信息自愿性披露显著正相关;(2)销售增长率与碳信息自愿性披露显著负相关;(3)上市年限与碳信息自愿性披露显著负相关。研究表明,上市公司将碳信息自愿性披露作为维护和提升自身合法性地位的一种管理方式。合法性压力越大的公司,越愿意提供自愿性碳信息披露;合法性压力越小的公司,越不积极主动提供自愿性碳信息披露。

The paper selects A-share companies listed in Shanghai and Shenzhen Stock Exchanges in 2011 as samples. Based on the content analysis of annual reports, voluntary carbon disclosure indexes are designed to examine the relationship between corporate characteristics and carbon information voluntary disclosure. It＇s found that firm size, financial risks and the fixed assets ratio are positively correlated with voluntary carbon information disclosure, and that the sales growth or the listed life is negatively correlated with voluntary carbon information disclosure. The results demonstrate that voluntary carbon disclosure has served as one type of management for listed firms to maintain and enhance their legitimacy status, and that firms with greater （smaller） legitimacy pressure provide more （less） carbon information voluntary disclosure.