碳信息披露对企业价值的影响——基于中国石油化工集团公司的事件研究

Impact of Carbon Information Disclosure on Enterprise Value: A Case Study Based on Sinopec Group

低碳经济下,作为碳排放主体的企业要积极融入碳市场,参与碳交易,承担碳减排责任,充分进行碳信息披露,接受公众对其社会责任履行情况的监督,作为以盈利为目标的企业,在进行碳信息披露后,企业价值会受到相应的影响。基于中国石油化工集团公司进行碳信息披露的碳交易和碳管理的典型案例,采用事件分析法,考察碳信息披露对企业价值的影响。研究发现企业进行碳信息披露后会使企业股票产生正向的超额收益率,促进企业价值的增加;其中,涉及碳交易事件的信息披露对短期内企业价值的增加有较为显著的影响,而涉及内部碳资产管理等的碳信息披露更有利于企业价值的长远发展。

In a low-carbon economy,as the main body of carbon emissions,enterprises need to actively integrate into the carbon market,participate in carbon trading,assume responsibility for carbon emission reduction,fully carry out carbon information disclosure and accept public supervision on the performance of their social responsibilities.As a profit-making enterprise,the value of the enterprise will be affected after the carbon information disclosure actively fulfills the carbon emission reduction responsibility.Based on the typical cases of carbon trading and management of carbon information disclosure in Sinopec Group,this paper uses event analysis method to investigate the impact of carbon information disclosure on enterprise value.It is found that the disclosure of carbon information will lead to a positive excess rate of return on the stock of enterprises and promote the increase of the value of the enterprise.Among them,the information disclosure involving carbon trading events has a significant impact on the increase of enterprise value in the short term,while the carbon information disclosure involving internal carbon asset management will be more conducive to the long-term development of enterprise value.