碳中和背景下企业机构投资者、碳信息披露与财务绩效关系的研究

Research Institutional Investors,Carbon Disclosure and Financial Performance Under Carbon Neutral Background

2060年碳中和承诺,为全球和中国应对气候变化进程带来了新的格局,碳中和时代已经来临。在碳中和背景下,选取我国2015—2019年商道绿融ESG数据库中评级B以上172家企业作为研究样本,构建碳信息披露指数,运用多元线性回归模型分析企业碳信息披露与企业财务绩效间的关系,并进一步研究机构投资者对企业碳信息披露以及企业财务绩效所产生的调节作用。经过研究分析后发现:企业碳信息披露质量将会对这个企业的绩效带来积极影响,机构投资者对碳信息披露与企业的财务绩效的关系具有调节作用,即机构投资者长期持有公司股票,企业的碳信息披露和财务绩效之间的正比关系会更加明显。

The commitment to carbon neutrality in 2060 has brought a new pattern for the global and China’s response to climate change,and the era of carbon neutrality has come.In the context of carbon neutrality,172 companies with a rating of B or above in the SynTao Green Finance ESG database in my country from 2015 to 2019 were selected as research samples to construct a carbon information disclosure index and use a multiple linear regression model to analyze the relationship between corporate carbon information disclosure and corporate financial performance And further study the regulatory role of institutional investors on corporate carbon information disclosure and corporate financial performance.After research and analysis,it is found that the quality of corporate carbon information disclosure will have a positive impact on the company’s performance.Institutional investors have a regulatory effect on the relationship between carbon information disclosure and corporate financial performance,that is,institutional investors hold company stocks for a long time,The positive relationship between corporate carbon information disclosure and financial performance will be more obvious.