企业碳信息披露对企业价值创造影响的实证分析

An Empirical Analysis of Corporate Carbon Information Disclosure Impacting on Enterprise Value Creation

本文选取2013年我国重污染行业157家上市企业作为研究样本,运用内容分析法实证检验了碳信息披露对企业价值创造的影响。结果发现:我国重污染行业上市企业碳信息披露水平比较低。企业碳信息披露水平与企业价值呈显著负相关。企业盈利能力与企业价值呈显著正相关。企业财务杠杆水平与企业价值呈显著负相关。企业成长性与企业价值呈显著正相关。企业资本密度对企业价值创造有负的影响,但不显著。

This paper selects 157 listed enterprises of heavy polluted industry in China of 2013 as the samples,using the method of content analysis to test the relationship between carbon information disclosure and enterprise value empirically.The study finds that：the level of carbon information disclosure of heavy polluted industry in China is low;the relationship between the enterprise value and the carbon information disclosure is significantly negative;the relationship between the enterprise value and the profitability of the enterprise is significantly positive;the relationship between the enterprise value and the financial leverage of the enterprise is significantly negative;the relationship between the enterprise value and the growth of the enterprise is significantly positive;the capital density of the enterprise has effect on the enterprise value negatively,but not significantly.