企业碳绩效与财务绩效相关性研究——来自英国富时350指数的证据

Relationship between Corporate Carbon Performance and Corporate Financial Performance:Evidence from FTSE 350

在全球气候变化的严峻形势下,低碳发展已成为世界各国政治经济发展的关键词之一。在此背景下,企业的低碳发展战略能否、何时能够帮助其提升财务绩效已然成为企业关注的焦点。为了考察企业碳绩效与财务绩效的相关性,本文以CDP报告中英国富时350企业的相关数据为样本进行实证检验。结果表明:短期内企业碳绩效与财务绩效呈负相关关系,即企业提升碳绩效的努力在短期内还无法被市场认可,但这种关系仅在使用Tobin's Q比率作为财务绩效指标时成立;尽管呈负相关关系,而前期碳绩效对后期财务绩效的影响却是显著的,反之亦然。

The heated concern about the aggravation of global greenhouse effect and its potential conse- quences can be traced back to the 19th century. This study examines the short-term relationship between corporate carbon performance （CCP） and its financial performance （CFP） of firms listed in the FTSE 350 index. Firstly, the paper uses the CCP and CFP data in the same year to test the basic relationship between CCP and CFP. Secondly, year lag has been applied in the model to find out whether there exists a causality relationship between CCP in previous year （s） to later-on CFP or vice versa. The results show that a negative relationship between CCP and CFP exists in all the five years from 2011 to 2015. Thus, a firm with a better CCP may not indicate it has better financial performance in the short term. In addition, although with a negative relationship, a firm＇s CCP in previous one or two years plays statistically significant roles in affecting its later-on CFP, which indicates the causality relation- ship from CCP to CFP, vice versa. These results reveal the fact that at present, efforts paid by the firms to improve CCP have not been recognized by the market in short term.