碳信息披露对碳排放量与公司价值影响的调节效应研究
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摘要
有关碳排放量和碳信息披露对公司价值的影响已经为不少学者的研究所证实,但是在碳信息披露和碳排放量交互效应下对公司价值影响的研究,特别是碳信息披露对碳排放量和公司价值之间是否具有调节效应,国内尚未见学者进行相关的研究。论文以2010—2014年世界500强连续向CDP进行回复的117家企业为研究样本,运用面板数据回归分析法,对企业碳排放量、碳信息披露与公司价值之间的关系进行实证研究,尤其是碳信息披露的调节效应是否成立。研究结果表明:碳排放量对公司价值具有显著的负面影响,但信息披露对公司价值具有显著的正面影响,并且在碳排放量和公司价值之间,碳信息披露的调节效应的确存在。
The impact of carbon emission and carbon information disclosure on company value has been confirmed by many scholars' studies, while the researches about relations on the interactive effect multiplied by carbon information disclosure and carbon emissions on the company's value is rare; in particular, there is no paper on whether carbon information disclosure has a regulating effect on carbon emission and company value. In this paper, 117 enterprises of the world's top 500 companies that responded to CDP continuously from 2010 to 2014 are taken as research samples, and the panel data regression analysis is used to conduct an empirical study on the relationship between enterprise carbon emission, carbon information disclosure and company value, especially whether the moderating effect of carbon information disclosure is established. Our findings show that carbon emissions had a significant negative effect on company market value, but carbon information disclosure had a significant positive effect on company market value; thus existing of the moderating effect of carbon information disclosure was testified.
The impact of carbon emission and carbon information disclosure on company value has been confirmed by many scholars' studies, while the researches about relations on the interactive effect multiplied by carbon information disclosure and carbon emissions on the company's value is rare; in particular, there is no paper on whether carbon information disclosure has a regulating effect on carbon emission and company value. In this paper, 117 enterprises of the world's top 500 companies that responded to CDP continuously from 2010 to 2014 are taken as research samples, and the panel data regression analysis is used to conduct an empirical study on the relationship between enterprise carbon emission, carbon information disclosure and company value, especially whether the moderating effect of carbon information disclosure is established. Our findings show that carbon emissions had a significant negative effect on company market value, but carbon information disclosure had a significant positive effect on company market value; thus existing of the moderating effect of carbon information disclosure was testified.
引文
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[16]王仲兵，靳晓超.碳信息披露与企业价值相关性研究[J].宏观经济研究，2013(1):86-90.
[17]蒋琰，周雯雯.碳信息披露要素与企业绩效关系研究[J].南京财经大学学报，2015(4):68-78.
[18]杜湘红，杨佐弟，伍奕玲.长江经济带企业碳信息披露水平的省域差异[J].经济地理，2016(1):165-170.
[19]曾晓，韩金红.碳信息披露、行业性质与企业价值——基于2012—2014年CDP中国报告的实证研究[J].财会通讯，2016(18):38-41.
[20]李慧云，陈铮，符少燕.碳信息披露质量评价的技术实现[J].统计与决策，2016(17):70-72.
[21]Najah M M S. Carbon risk management, carbon disclosure and stock market effects:An international perspective[D].Queensland:University of Southern Queensland, 2012.
[22]Eccles R G, Krzus M P, Rogers J, et al. The need for sectorspecific materiality and sustainability reporting standards[J].Journal of Applied Corporate Finance, 2012, 24(2):65-71.
[23]Verrecchia R E. Discretionary disclosure[J]. Journal of Accounting and Economics, 1983, 5:179-194.
[24]Suchman M C. Managing legitimacy:Strategic and institutional approaches[J]. The Academy of Management Review, 1995,20(3):571-610.
[25]Delmas M A, Nairn-Birch N S. Is the tall wagging the dog?An empirical analysis of corporate carbon footprints and financial performance[R]. Los Angeles:UCLA Institute of the Environment and Anderson School of Management, 2011.
[26]Gallego-Alvarez I, Segura L, Martínez-Ferrero J. Carbon emission reduction:The impact on the financial and operational performance of international companies[J]. Journal of Cleaner Production, 2015,103(15):149-159.
[27]Nishitani K, Kaneko S, Komatsu S, et al. How does a firm’s management of green house gas emissions influence its economic performance? Analyzing effects through demand and productivity in Japanese manufacturing firms[J]. Journal of Productivity Analysis, 2014, 42(3):355-366.
[2]Smale R, Hartley M, Hepburn C, et al. The impact of CO2emissions trading on firm profits and market prices[J]. Climate Policy, 2006, 6(1):31-48.
[3]Aggarwal R, Dow S. Greenhouse gas emissions mitigation and firm value:A study of large north-American and European firms[EB/OL].(2011-09-18). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1929453.
[4]Griffin P A, Lont D H, Sun E Y. The relevance to investors of greenhouse gas emission disclosures[EB/OL].(2017-03-11). https://onlinelibrary.wiley.com/doi/full/10.1111/1911-3846.12298.
[5]Chapple L, Clarkson P M, Gold D L. The cost of carbon:Capital market effects of the proposed emission trading scheme(ETS)[EB/OL].(2013-02-19). https://onlinelibrary.wiley.com/doi/abs/10.1111/abac.12006.
[6]Ngwakwe C C, Msweli P. On carbon emission reduction and firm performance:Example from 3M company[EB/OL].(2013-07-02). https://businessperspectives.org/journals/environmentaleconomics/issue-221/on-carbon-emission-reduction-and-firmperformance-example-from-3m-company.
[7]Matsumura E M, Prakash R, Vera-Munoz S. Firm-value effects of carbon emissions and carbon disclosures[J]. The Accounting Review, 2014, 89(2):695-724.
[8]Saka C, Oshika T. Disclosure effects, carbon emissions and corporate value[J]. Sustainability Accounting Management&Policy Journal, 2014, 5(1):22-45.
[9]张巧良，宋文博，谭婧.碳排放量、碳信息披露质量与企业价值[J].南京审计学院报，2013(2):56-63.
[10]Belkaoui A. The impact of the disclosure of the environmental effects of organizational behavior on the market[J]. Financial Management, 1976, 5(4):26-31.
[11]Anderson J C, Frankle A W. Voluntary social reporting:An isobeta portfolio analysis[J]. The Accounting Review, 1980, 55(3):467-479.
[12]Freedman M, Jaggi B. Pollution disclosures, pollution performance and economic performance[J]. Omega, 1982, 10(2):167-176.
[13]Al-Tuwaijri S A, Christensen T E, Hughes K E. The relations among environmental disclosure, environmental performance, and economic performance:A simultaneous equations approach[J].Accounting, Organizations and Society, 2004, 29(5-6):447-471.
[14]King A, Lenox M. Exploring the locus of profitable pollution reduction[J]. Management Science, 2002, 48(2):289-299.
[15]Adam S. Carbon disclosure and company performance:A portfolio performance approach[EB/OL].(2012-02-19). http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.878.3910&rep=rep1&type=pdf.
[16]王仲兵，靳晓超.碳信息披露与企业价值相关性研究[J].宏观经济研究，2013(1):86-90.
[17]蒋琰，周雯雯.碳信息披露要素与企业绩效关系研究[J].南京财经大学学报，2015(4):68-78.
[18]杜湘红，杨佐弟，伍奕玲.长江经济带企业碳信息披露水平的省域差异[J].经济地理，2016(1):165-170.
[19]曾晓，韩金红.碳信息披露、行业性质与企业价值——基于2012—2014年CDP中国报告的实证研究[J].财会通讯，2016(18):38-41.
[20]李慧云，陈铮，符少燕.碳信息披露质量评价的技术实现[J].统计与决策，2016(17):70-72.
[21]Najah M M S. Carbon risk management, carbon disclosure and stock market effects:An international perspective[D].Queensland:University of Southern Queensland, 2012.
[22]Eccles R G, Krzus M P, Rogers J, et al. The need for sectorspecific materiality and sustainability reporting standards[J].Journal of Applied Corporate Finance, 2012, 24(2):65-71.
[23]Verrecchia R E. Discretionary disclosure[J]. Journal of Accounting and Economics, 1983, 5:179-194.
[24]Suchman M C. Managing legitimacy:Strategic and institutional approaches[J]. The Academy of Management Review, 1995,20(3):571-610.
[25]Delmas M A, Nairn-Birch N S. Is the tall wagging the dog?An empirical analysis of corporate carbon footprints and financial performance[R]. Los Angeles:UCLA Institute of the Environment and Anderson School of Management, 2011.
[26]Gallego-Alvarez I, Segura L, Martínez-Ferrero J. Carbon emission reduction:The impact on the financial and operational performance of international companies[J]. Journal of Cleaner Production, 2015,103(15):149-159.
[27]Nishitani K, Kaneko S, Komatsu S, et al. How does a firm’s management of green house gas emissions influence its economic performance? Analyzing effects through demand and productivity in Japanese manufacturing firms[J]. Journal of Productivity Analysis, 2014, 42(3):355-366.