碳信息披露、市场环境与商业信用融资——基于2011-2015年CDP中国报告的实证研究

本文以2011-2015年参加国际CDP问卷调查的中国企业为研究对象,探析碳信息披露与商业信用融资之间的关系,并就市场环境对二者关系的影响进行实证检验。研究发现:碳信息披露能够显著促进企业的商业信用融资,且这一结论与市场环境紧密相连。从行业竞争和市场化水平两方面反映市场环境,发现行业竞争越大,碳信息披露越能促进企业的商业信用融资,而与市场化水平较低地区相比,市场化水平较高地区的碳信息披露更能促进商业信用融资水平的提高。因此,政府应建立一个全国性的且与地区、行业相配套的有机治理体系,以提高碳信息披露水平,同时推进碳减排顶层设计与底层支撑的协同治理,建设多元化碳金融市场体系。

Taking the top 100 enterprises participating in the international CDP survey from 2011 to 2015 as samples, this paper analyzes the relationship of carbon disclosure on trade credit financing, and empirically studies the impact of the market environment on this relationship. The results show that carbon disclosure can significantly improve trade credit financing, which is closely linked with the market environment. By reflecting the market environment from the industry competition and the marketization level, we find out that the larger the industry competition is, the more the carbon disclosure can improve trade credit financing, and compared with the lower level of marketization, the carbon disclosure in the higher marketization level can promote the improvement of trade credit financing. Therefore, in order to improve the level of carbon disclosure, the government should establish a national governance system matching with region and industry, and at the same time, promote the carbon emission reduction governance which coordinates top-level design and bottom support, and build a diversified carbon financial market system.