碳信息披露、透明度与管理绩效

碳会计及信息披露作为一项制度机制,成为应对气候风险和建设低碳经济的基础性步骤。由此,不同于以往研究更多关注会计信息透明度,本文以CDP对世界500强公司的调查数据为样本,实证分析碳信息披露的透明度及管理绩效,研究发现,企业披露碳信息的主动性和透明度日益提高,降低了信息环境的不确定性,有助于为投资者提供决策有用性信息。     

碳信息披露与企业投资效率-基于 2011~2015 年 CDP 中国报告的实证研究

本文以 2011~2015 年参与国际 CDP 项目的中国公司为研究对象,从投资效率视角探析碳信息披露与企业投资效率之间的关系,并就产权性质、管理层权力对二者关系的影响进行检验。结果发现：在其他条件相同的情况下,碳信息披露能够显著提高企业投资效率;同时,相较于非国有企业,国有企业碳信息披露更能提高企业投资效率;管理层权力越大,越会削弱碳信息披露对投资效率的改善作用。进一步研究发现,碳信息披露通过缓解投资不足和抑制过度投资的共同作用来提高企业投资效率,且这种作用在国有企业及管理层权力较低的企业中更为显著。     

国际碳信息披露及其对我国的启示

近年来,碳排放交易（Emission Trade Scheme,ETS）在国外得到了较快的发展。碳排放已成为影响企业经营决策的一个重要因素,同时也对企业的财务状况产生了深远的影响。如何反映和披露这些财务影响成为会计理论研究中的一个热点和难点问题。国外在碳信息披露方面进行了比较深入的探讨,创建了碳信息披露项目（Carbon Disclosure Project,CDP）。CDP披露了低碳战略、碳排放核算等信息,为利益相关者了解企业碳排放信息提供了决策参考。本文通过阐述CDP的主要内容,分析了其存在的主要问题,然后借鉴国际CDP的经验,就如何构建我国的碳信息披露框架进行了探讨。     

An inside perspective on carbon disclosure

Part of the underlying vision of CDP (formerly the Carbon Disclosure Project) is to enhance firms’ climate change strategies by encouraging them to measure their emissions and corresponding risks and opportunities. Drawing on interviews with 38 firms in seven countries that disclose to CDP, we found that the benefits firms experience from the measurement and disclosure process are more diverse in nature than expected. They can be both operational and strategic, and internal as well as external. From our analysis of the firms’ experiences, we draw several implications for managers. First, managers should beware of various biases that may inhibit investments in profitable emission reduction opportunities. Second, participating in a disclosure-oriented process can be beneficial, even for a firm that ultimately decides not to disclose. Third, when disclosing greenhouse gas-related information, managers need to address multiple groups of stakeholders, not just investors. Fourth, when searching for emission reduction opportunities and in organizing the disclosure process, managers should not neglect opportunities that exist elsewhere in the supply chain.     

Carbon disclosure and financial performance: UK environmental policy

The outcome of carbon disclosure, the importance of which has grown remarkably in recent years to become a strategic decision‐making issue for organisations in today's competitive environment, is a subject of lively debate but remains under‐researched in the environmental accounting literature. This study is motivated by this research gap and the growing interest in assessing the financial consequences of corporate involvement in climate change beyond regulatory compliance, as evidenced by firms' voluntary participation in the Carbon Disclosure Project. Using the resource‐based view of the firm as a theoretical framework and linking it to carbon disclosure through Carbon Disclosure Project, we conceptualise and empirically investigate the impact of adopting proactive carbon management policies and communicating them to stakeholders, focusing on the financial performance of the top FTSE350 companies between 2007 and 2015. By developing a comprehensive financial performance index and controlling for several firm characteristics, we find strong evidence that voluntary carbon disclosure is positively associated with firm financial performance. The findings in this paper provide new insights and policy implications for managers, financial stakeholders, and regulators.     

江苏经济增长与外贸依存度相关性研究

在开放经济中,对外贸易是一国或地区经济活动的重要组成部分;外贸依存度就是用来衡量经济增长对进出口贸易的依附程度,并显示经济增长与进出口贸易之间的内在联系。本文对江苏外贸依存度的变化与经济增长之间的关系做一实证研究,并透视出其中的联系。     

我国通货紧缩趋势及对策

当前，我国面临着通货紧缩的困扰，针对这种状况，应该继续实行稳健的货币政策，加大金融对经济增长的支持力度，确定合理的财政赤字，积极促进高新技术产业的发展。     

宏观调控经济非常重要

自凯恩斯主义诞生起,西方国家政府便开始干预经济,进行宏观调控,美国借此成功渡过了资本主义经济大萧条.二战后,许多国家,包括英国政府都对经济进行了相当大程度的干涉,有些西方国家甚至将"经济制高点"企业全部国有化,但20世纪七八十年代后,随着新自由经济的兴起,凯恩斯似乎退出了旧有舞台.那么,宏观干预经济是否真的不再重要,是否真的成为过去了呢?通过对税收部分功能、GDP的计算,产业升级的研究,笔者认为,对经济的宏观调控十分重要,十分必要,政府干预经济永远不过时!