绿色发展、碳信息披露质量与财务绩效

The Impact of the Quality of Carbon Information Disclosure on Corporate Financial Performance in the Concept of Green Development

绿色发展理念下,通过企业节能减排转型实现经济的持续健康发展,已是我国所面临的首要难题。通过对企业"十二五"期间节能减排实施情况的研究,为"十三五"绿色发展目标的实施提供具有价值的经验和教训。利用上证社会责任指数成分股的企业的碳信息披露和财务数据研究表明,碳信息披露质量的提高,可以提高企业的财务绩效,并且这种影响效应存在跨期性;碳信息披露质量对非国有上市公司财务绩效的影响,比国有上市公司的影响效果要好;政治关联度较高的企业的碳信息披露质量比较低,而高管团队中高管在高碳行业的任职经历能提高企业的碳信息披露质量。

The Fifth Plenum of the 18th Central Committee of the Communist Party of China has identified the concept of green development, which is the key to realize the 13th Five-Year Plan. To realize the Low Carbon Economy and Green Development strategy, China＇ s enterprises should actively participate in the control of carbon emissions, the energy conservation and emission reduction transformation. From the recovery rate of CDP project, the Chinese enterprises pay more and more attention to the quality of carbon information disclosure. However, why do the profit-driven enterprises spend much energy and financial resources to disclose carbon information, specifically speaking, under the initiative of the national green development concept, can the improvement of the quality of enterprises carbon disclosure bring better financial performance？ In the internal documents, some studies have found that corporate social responsibility can influence its financial performance. In essence, carbon information disclosure is social responsibility and environmental information disclosure. However, the social responsibility and environmental information disclosure involve lots of aspects, and carbon disclosure is only a part of them. At the same time, China＇ s regulatory authorities have published some policy guidance for social responsibility and environmental information disclosure, however, for which the carbon disclosure of information is not clearly defined. Compared with the disclosure of social responsibility and environmental information, the characteristics of voluntary disclosure are more obvious, and the role of enterprise＇s subjective initiative is more significant. With the deepening of the global carbon trading, the research on the disclosure of carbon information is important and urgent. Meanwhile, compared to other research on the disclosure of carbon information, the research on the relationship between corporate financial performance and corporate financial performance is lack. Especially in the concept of green development, the existing research highlights the problem. In order to better explain the above problems, this paper chooses the date of companies of the Shanghai social responsibility index constituent stocks from 2011 to 2014 as a sample to study the impact of the quality of carbon information disclosure on corporate financial performance from the point of managers. The empirical evidence indicates that：first of all, the carbon information disclosure quality can promote enterprise financial performance. Secondly, to explore the dynamic process of the impact of the quality of information disclosure on financial performance, it is found that the quality of carbon information disclosure can affect the financial performance of the lag period, and has no significant impact on the financial performance of the future period. Finally, according to the state-owned enterprises and non-state-owned enterprises group, it is found that compared with the state-owned listing Corporation, the impact of the quality of carbon information disclosure of the financial performance of non-state-owned listing Corporation is better. This paper makes several contributions to the literature. First, this paper examined the impact of the quality of carbon information disclosure on corporate financial performance, attempts to start from the corporate profitability, to consider the impact of the quality of information disclosure of carbon on the enterprise, to enhance the initiative to improve the quality of the disclosure of enterprises, with the national green development needs. As an aspect of so- cial responsibility and environmental accounting research, the studying of the carbon information disclosure can not only promote carbon disclosure mechanism of the theoretical development of,rich social responsibility and environmental information disclosure mechanism of research results, but also deepen the understanding of carbon information disclosure of enterprise, to improve the carbon disclosure quality initiative, with outstanding significance. Second,this paper chooses the companies of the social responsibility index stocks as a sample. This sample data has more universality, more in line with the China＇s actual. Third, the impact of the disclosure of carbon information on the financial performance of different enterprises in the nature of the study, it can be for the reform of state-owned enterprises and enterprises to energy conservation and emission reduction.