摘要
本文以2011—2021年中国A股上市的高碳排放企业为样本,构建沉默式披露数据库,考察企业绿色沉默与碳风险溢价之间的关系。主要结论如下:(1)企业绿色沉默能有效对冲自身碳风险溢价,沉默程度越高,越能抑制碳风险溢价;(2)绿色沉默通过降低市场关注压力和提升外部债务融资水平来对冲风险,伴随碳排放水平、市场竞争强度与环境政策变迁压力的不同,沉默的风险对冲效应有所差异;(3)绿色沉默具有行业转嫁效应,会加剧同行业竞争对手的碳风险溢价。这说明,沉默式披露是企业转嫁内部风险来应对外部性压力的自利行为,应当警惕和预防绿色沉默在企业间的蔓延,降低社会系统性碳风险。本文补充和发展了企业绿色沉默与碳风险溢价的相关研究。
Using the sample of China’s A-share listed companies with high carbon emissions from 2011 to 2021,the paper constructs a database for greenhushing disclosure and investigates the relationship between corporate greenhushing and the carbon risk premium.The main conclusions are as follows.(1)Corporate greenhushing can effectively hedge the carbon risk premium.The higher the degree of greenhushing,the more the carbon risk premium can be suppressed.(2)Greenhushing hedges carbon risks by reducing pressure on market concerns and improving the level of external debt financing.The risk hedging effect of greenhushing varies with the level of carbon emissions,market competition intensity,and the pressure to change environmental policies.(3)Greenhushing has an industry pass-through effect that exacerbates the carbon risk premium of competitors in the same industry.This shows that greenhushing disclosure is a self-interested behavior of enterprises to transfer internal risks to cope with externalities,and there should be vigilance and prevention of the spread of greenhushing among enterprises to reduce the systemic carbon risk in society.This study complements and develops the research on corporate greenhushing and the carbon risk premium.
作者
程宏伟
冯艺
董丁瑞
Cheng Hongwei;Feng Yi;Dong Dingrui
出处
《证券市场导报》
CSSCI
北大核心
2024年第2期56-67,共12页
Securities Market Herald
关键词
绿色沉默
信息披露
碳风险溢价
碳风险
风险对冲
greenhushing
information disclosure
carbon risk premium
carbon risk
risk hedging
