碳信息披露水平、股权融资成本与企业价值

近年来,全球变暖问题日益突出,世界各国纷纷倡导低碳经济加以应对.企业碳信息披露也逐渐受到社会的广泛关注.选择2010—2018年沪深A股上市工业企业为样本,实证分析了碳信息披露水平与企业长短期价值的关系及股权融资成本的中介作用.研究发现企业提高碳信息披露水平不能显著提升企业短期价值,但可以显著提升其长期价值,这也间接说明碳信息披露对企业价值的提升不具有立竿见影的效果,是经过厚积而显现的.另外,企业提高碳信息披露水平可以通过降低股权融资成本来提升企业的长期价值,从而证明了股权融资成本的部分中介作用.本文的研究在提高企业碳信息披露的积极性,推动我国低碳发展方面具有一定的现实意义.

Carbon Information Disclosure Level, Equity Financing Cost and Enterprise Value

In recent years, the problem of global warming has become increasingly prominent, and the world have advocated low-carbon economy to deal with it. The disclosure of corporate carbon information has gradually attracted widespread attention in the society. It selects 2010 to 2018 Shanghai and Shenzhen A-share listed industrial enterprises as samples, and empirically analyzes the relationship between the level of carbon information disclosure and the long-term and short-term value of enterprises and the intermediary role of equity financing costs. It is found that increasing the level of carbon information disclosure can not significantly improve the short-term value of enterprises, but can significantly improve their long-term value. This also indirectly shows that the carbon information disclosure has no immediate effect on the improvement of enterprise value, which is manifested through accumulation. In addition, increasing the level of carbon information disclosure can improve the long-term value of enterprises by reducing the cost of equity financing, which proves the mediating role of equity financing cost. The research has certain practical significance in enhancing the enthusiasm of corporate carbon information disclosure and promoting the low-carbon development.