林业上市公司碳会计信息披露质量对企业价值的影响

The Impact of the Quality of Carbon Accounting Information Disclosure of the Listed Forestry Companies on the Enterprises Value

基于2013—2022年80家林业上市公司的非平衡面板数据,通过实证分析探究碳会计信息披露质量是否会对企业价值产生影响。结果表明:碳会计信息披露质量与企业价值之间存在着显著的正向关系,林业企业可以通过提高碳会计信息质量来提升企业价值;同时监管机构也需进一步加强监管力度、完善政策制度来提高林业企业的碳会计信息披露质量,以此助推中国林业产业高质量发展。

⑴Background——Nowadays,the problem of global warming is becoming increasingly serious,and energy conservation and emission reduction are imperative.Forestry is an important basic industry of national economy,and forestry enterprises play an important role in promoting economic and social development and protecting ecological environment.Carbon accounting information disclosure can meet the needs of stakeholders for information acquisition,enhance the trust of investors in enterprises,improve the market valuation of enterprises,and promote the sustainable development of enterprises.At present,there are relatively few studies on the correlation between the quality of carbon accounting information disclosure and forestry enterprises value.⑵Methods——On the basis of theoretical analysis,this paper put forward the research hypotheses.The enterprises value was selected as the dependent variable,the quality of carbon accounting information disclosure was selected as the independent variable.Based on the unbalanced panel data of 80 listed forestry companies in China from 2013 to 2022,this paper discussed the relationship between the quality of carbon accounting information disclosure and the value of the listed forestry companies through empirical analysis,and identified the influencing factors of the quality of carbon accounting information disclosure.⑶Results——First,according to the descriptive statistical analysis,the quality of carbon accounting information disclosure of the listed forestry companies in China is different,and there is still a lack of disclosure awareness.Second,according to the correlation analysis,the correlation coefficients between the two variables are less than 0.8,indicating that there is no serious multicollinearity.Third,according to the multiple linear regression analysis,the quality of carbon accounting information disclosure has a significant positive impact on the value of the forestry enterprises,and the enterprise scale has a significant positive relationship with the quality of carbon accounting information disclosure.Compared with the non-state-owned forestry enterprises,the quality of carbon accounting information disclosure of the state-owned forestry enterprises is higher.Fourth,according to the robustness test,the above empirical results have been further confirmed.⑷Conclusions and Discussions——Based on the above analysis,the following conclusions can be drawn:First,the quality of carbon accounting information disclosed by the listed forestry companies is quite different,and the overall quality is not high.Second.The higher the quality of carbon accounting information disclosed by the listed forestry companies,the higher the enterprise value will be.Third,there is also a significant positive correlation between the quality of carbon accounting information disclosure of the listed forestry companies and the enterprises scale and the nature of the actual controllers.Based on the above conclusions,the following policy suggestions are put forward:First,forestry enterprise managers should attach great importance to the disclosure of carbon accounting information,and strive to improve the quality of carbon accounting information disclosure from five aspects:carbon emission disclosure,carbon emission reduction performance,carbon information disclosure carriers,carbon emission reduction management,carbon emission supervision and certification disclosure,so as to continuously improve the enterprise value.Second,the government departments and regulatory agencies should further improve laws and regulations related to carbon accounting information disclosure,formulate disclosure standards suitable for China s national conditions,and continuously strengthen supervision and punishment of forestry enterprises,so as to help the forestry enterprises achieve sustainable development.