业绩波动、公司治理与碳信息披露——来自高碳行业的经验证据

Performance Fluctuation,Corporate Governance and Carbon Information Disclosure——Empirical Evidence from High Carbon Industry

碳信息披露有利于促进碳交易市场健康运行,愈发成为理论界与学术界的关注焦点。本文以2015—2018年的八大高碳行业为研究对象,实证研究了业绩波动对碳信息披露的影响,并进一步检验了公司治理的调节作用。研究结果表明:高碳行业上市公司业绩波动与碳信息披露呈显著正相关关系,内部公司治理能够抑制企业业绩波动与碳信息披露的正相关关系,而外部公司治理则无显著的调节作用。本文的研究结论补充了碳信息披露影响因素方面的文献,同时对我国政府如何监管企业碳信息披露提供了一定启示。

Carbon information disclosure is conducive to promoting the healthy operation of carbon trading market,which has become the focus of theoretical and academic circles.This paper takes eight high carbon industries from 2015 to 2018 as the research object,empirically studies the impact of performance volatility on carbon information disclosure,and further tests the regulatory role of corporate governance.The results show that there is a significant positive correlation between the performance volatility of listed companies in high carbon industry and carbon information disclosure.Internal corporate governance can inhibit the positive correlation between the performance volatility and carbon information disclosure,while external corporate governance has no significant regulatory effect.The conclusion of this paper complements the literature on the influencing factors of carbon information disclosure,and provides some enlightenment to the government on how to supervise carbon information disclosure.