摘要
从碳信息披露角度出发,针对我国上市公司碳信息披露情况,构建碳信息披露评价体系,考察了碳信息披露、投资者决策与企业价值三者间的内在关系,并以上证碳效率指数股为研究样本,利用联立结构方程模型对其进行实证检验。研究结果发现,在控制了其他变量后,碳信息披露对企业价值存在显著的正向驱动效应,且这一驱动效应是通过投资者决策这一中介变量部分传导的,即碳信息披露一部分直接对企业价值产生正向驱动作用,另一部分是通过先作用于投资者决策,然后再对企业价值产生正向驱动作用。
Based on the carbon efficiency index of listed companies of in Shanghai Stock Exchange, this paper establishes the evaluation system and utilizes the simultaneous equations model to investigate the relation among the carbon disclosure, the investor decision-making and the enterprise value. Results show that, the investor decision-making, acting as the inter- mediary variable, conducts a positive impact of carbon disclosure to enterprise value. In other words, carbon disclosure can play a positive driving role in business value directly, and it also can affect business value indirectly. Moreover, investor decision-making has a partial intermediary effect in the process.
出处
《软科学》
CSSCI
北大核心
2016年第9期112-116,共5页
Soft Science
基金
湖南省教育厅科学研究项目(15C0867)
关键词
碳信息披露
投资者决策
企业价值
中介效应
carbon information disclosure
investor decision-making
enterprise value
intermediary effect