碳信息披露与企业投资效率——基于2011～2015年CDP中国报告的实证研究

Empirical Research on the Relationship of Carbon Disclosure and Enterprises' Investment Efficiency——Based on CDP China Report from 2011 to 2015

本文以2011~2015年参与国际CDP项目的中国公司为研究对象,从投资效率视角探析碳信息披露与企业投资效率之间的关系,并就产权性质、管理层权力对二者关系的影响进行检验。结果发现:在其他条件相同的情况下,碳信息披露能够显著提高企业投资效率;同时,相较于非国有企业,国有企业碳信息披露更能提高企业投资效率;管理层权力越大,越会削弱碳信息披露对投资效率的改善作用。进一步研究发现,碳信息披露通过缓解投资不足和抑制过度投资的共同作用来提高企业投资效率,且这种作用在国有企业及管理层权力较低的企业中更为显著。

Based on the five CDP reports from 2011 to 2015,this article tries to analyzes the relationship between carbon disclosure and corporate investment efficiency, and investigates into the impact of ownership and managerial power on the relationship. The results show that： under the same conditions,carbon disclosure can significantly improve the enterprises＇ investment efficiency. At the same time, compared with non-state-owned enterprises, the carbon disclosure of state-owned enterprises can improve the efficiency of investment. With the managerial power becoming stronger, managers have more ability to weaken the carbon disclosure improvement effect on the low-efficiency of investment. This paper further verifies that carbon disclosure can alleviate the problem of underinvestment and overinvestment, to improve the investment efficiency, and it＇s more significant in the state-owned enterprises and the lower managerial power.