摘要
随着中国双碳行动和绿色信贷政策的不断推进,碳信息披露作为外界评估企业环境风险和可持续发展能力的重要信息来源,已成为影响企业价值创造的重要因素。基于合法性理论和信号传递理论,以2015—2020年中国A股上市的高碳排放行业企业为研究样本,实证检验了碳信息披露的价值效应。研究发现:碳信息披露会抑制企业的短期价值,但可以促进企业长期价值的提升;进一步分析发现碳信息披露可以通过缓解企业融资约束来提升企业价值,但这种作用并非立竿见影的。研究结论揭示了企业的碳信息披露动机,深化理解了碳信息披露对企业价值的内在影响机理。此外,将文本分析和机器学习方法引入碳信息披露水平的研究,为该领域的研究方法提供了新的参考。
With the continuous promotion of China's two-carbon action and green credit policy,carbon information disclosure,as an important source of information for the outside world to assess corporate environmental risks and sustainable development capabilities,has become an important factor affecting corporate value creation.Based on the legitimacy theory and signal transmission theory,it empirically tested the value effect of carbon information disclosure by taking the high-carbon emission industry enterprises listed in China's A-share market from 2015 to 2020 as research samples.The results show that carbon information disclosure inhibits the short-term value of enterprises,but promotes the long-term value of enterprises;carbon information disclosure enhances enterprise value by easing their financing constraints,but this effect is not immediate.It reveals the motivation of carbon disclosure of enterprises,and deepens the understanding of the internal influence mechanism of carbon information disclosure on enterprise value.In addition,it introduces text analysis and machine learning methods into the research of carbon information disclosure,which provides a new reference for the research methods in this field.
作者
刘华
陈湘郴
LIU Hua;CHEN Xiang-chen(School of Economics,Guangdong University of Finance and Economics,Guangzhou 510320,China;School of Information,Guangdong University of Finance and Economics,Guangzhou 510320,China)
出处
《研究与发展管理》
CSSCI
北大核心
2024年第1期66-79,共14页
R&D Management
基金
广东省哲学社会科学规划项目“粤港澳大湾区创新绿色低碳发展模式研究”(GD20SQ15)。
关键词
碳信息披露
企业价值
融资约束
文本分析
机器学习
carbon information disclosure
enterprise value
financing constraint
text analysis
machine learning
