企业碳信息披露的动机与影响因素——基于上证社会责任指数成分股企业的分析

The Motivation and Influencing Factors of Corporate Carbon Information Disclosure:An Analysis of the Constituent Enterprises of SSE Social Responsibility Index

为实现碳达峰、碳中和承诺,企业作为温室气体基本排放源有责任进行高水平的碳管理和高质量的碳信息披露。本文选取我国上证社会责任指数成分股企业为样本,构建了碳信息披露评价指标体系,从质量和数量两个维度刻画企业碳信息披露水平,实证检验了企业碳信息披露与其碳排放的关系,并检验了外部制度压力对上述关系的调节作用。研究结果表明:企业碳信息披露水平、质量、数量与其碳排放显著正相关,且是出于合法性管理的动机进行碳信息披露;企业碳排放量越多,则更倾向于通过提高碳信息披露数量来提高碳信息披露水平;高碳排放行业企业碳排放显著正向影响碳信息披露水平、质量、数量,显著负向影响碳信息披露的结构,而非高碳行业企业碳信息披露水平、质量与其碳排放的相关关系并不显著;来自企业外部的压力显著弱化企业碳信息披露水平、数量与其碳排放的正相关关系。本文的研究结论有助于寻求推动企业积极披露碳信息、提高碳管理水平的有效路径,也为企业碳信息制度建设提供了理论依据。

In order to achieve the carbon peak and carbon neutrality commitments,as the basic source of GHG emissions,enterprises have the responsibility to carry out high-level carbon management and high-quality carbon information disclosure.This paper selects the data of listed companies in China's SSE Social Responsibility Index as the research sample and constructs the carbon information disclosure evaluation index system to describe the carbon information disclosure from the two dimensions of quality and quantity,empirically tests the relationship between corporate carbon information disclosure and their carbon emissions,and examines the moderating effect of external institutional pressure.The empirical results show that the level,quality,and quantity of corporate carbon information disclosure are significantly positively correlated with their carbon emissions,and the carbon information disclosure is motivated by legality management.When the carbon emissions increase,the enterprises tend to improve the quantity of carbon information disclosure.The carbon emissions of companies in high-carbon emission industries significantly positively affect the level,quality,and quality of carbon information disclosure,and significantly negatively affect the ratio of quality to quantity of carbon information disclosure,while the relationship between the level and quality of carbon information disclosure and carbon emissions of enterprises in non-high carbon industries is not significant.Pressure from outside enterprises significantly weakens the relationship between the level and quantity of carbon information disclosure and their carbon emissions.The conclusions help to seek an effective path to promote enterprises to actively disclose carbon information and improve the level of carbon management,and provide a theoretical basis for the construction of corporate carbon information system.