碳信息披露对企业绩效影响的实证分析

An Empirical Analysis of the Impact of Carbon Information Disclosure on Corporate Performance

在碳达峰碳中和背景下,企业主动披露碳信息的意愿不足,本文通过探索碳信息披露对企业绩效的影响来促进企业主动披露碳信息。以2016年至2020年参与碳披露项目的2080家中国上市企业为样本,结合过采样技术对不平衡的碳信息披露等级数据进行了处理,然后用普通最小二乘法(OLS)考察了碳信息披露对企业绩效的影响,采用倾向匹配得分法(PSM)和工具变量法等方法克服内生性问题。实证结果表明:碳信息披露等级越高,企业绩效越好;三个稳健性检验均验证了回归结果的可靠性;通过异质性分析发现,企业声誉越高、数字化转型程度越低、组织冗余程度越高,其碳信息披露对企业绩效的正向影响越显著。

In the context of peak carbon dioxide emissions and carbon neutrality,the initiative of enterprises to disclose information voluntarily is insufficient.The paper attempts to study the impact of carbon information disclosure on corporate performance to encourage companies’carbon information disclosure.Based on 2080 Chinese listed companies participating in the CDP from 2016 to 2020,this study employs oversampling technology to end unbalanced CDP data.Then the paper applies ordinary least squares(OLS)regression to explore the impact of carbon information disclosure on corporate performance.The propensity matching score method(PSM)and instrumental variables method are used to overcome the endogenous problem.The empirical results indicate that the higher the CDP level,the better the enterprises’performance.The reliability of the regression results was verified by all three robustness tests.The heterogeneity analysis found that the higher the reputation of the firm,the lower the degree of digital transformation,and the higher the organizational redundancy,the more significant the positive impact of its carbon information disclosure on corporate performance.