碳信息披露对企业价值影响研究

Research on the Impact of Carbon Information Disclosure on Enterprise Value

随着全球变暖等气候问题逐渐受到人们的重视,低碳经济已普遍得到认可,碳信息披露逐渐引起了政府和社会各界的广泛关注。采用截面研究设计,利用来源于标准普尔500中参与CDP的企业数据样本,采用多元线性回归模型,从资本市场和产品市场两方面研究碳信息披露对企业价值的影响,得出:在资本市场,碳信息披露和企业价值正相关;在产品市场,碳信息披露和企业价值负相关。结果表明,利益相关者并不只关注企业的经济利益,同时也比较关注气候变化问题和企业的社会效益。

With the global warming and other climate issues gradually paid attention by people, low-carbon economy has been generally recognized.Carbon information disclosure has gradually attracted wide attention from the government and society. This paper adopts the section research design, and use the enterprise data samples from standard & poor’s 500 participating in CDP, and adopts the multiple linear regression model to study the impact of carbon information disclosure on enterprise value from the capital market and product market. In the product market, carbon information disclosure is negatively related to enterprise value. The results show that stakeholders do not only focus on the economic interests of enterprises as before, but also pay more attention to climate change and the social benefits of enterprises.