摘要
碳信息披露作为反映企业应对气候变化的第一步,越来越受到关注,文章从上市企业外部融资约束的角度进一步展现碳信息披露的重要性。利用我国2009—2014年资源型上市公司碳信息披露数据,以CCGD作为碳信息披露质量评价体系,用ACW模型来验证了上市企业碳信息披露与外部融资约束间的假设关系。研究结果表明,资源型上市企业碳披露数量和质量在不断提高,并且通过多元回归发现碳信息披露对公司融资约束有显著影响,碳披露质量越高,企业的外部融资约束则越低。建议企业加强自我意识,进一步发展和提高碳信息披露质量,政府也应加快制定上市公司层面的碳排放披露政策。
Based on heavily polluting industries listed companies in 2009-2014 years as the research object, through carbon information disclosure quality index system-CCGD, the paper reveals the relationship between carbon disclosure quality and external financing constraints of listed companies. The results show that： in China＇s heavy polluting industries, the number of listed corporation which disclosures carbon information is increasing and carbon information disclosure quality is also increasing. In addition, carbon information disclosure has positive effects to enterprise, the financing constraints is much lower than those did not disclose carbon information, and the disclosure quality is higher, the lower financing constraints faced by. It is recommended that enterprises should strengthen the self-awareness of developing and improving the quality of carbon information disclosure, the government should also speed up the development of listed companies at carbon emissions disclosure policy.
出处
《生态经济》
北大核心
2017年第8期42-47,共6页
Ecological Economy
基金
中国气象局软科学项目"气候变化应对下我国碳交易平台建设"(2012058)
国家自然科学基金项目"基于计算金融实验的市场崩溃与模仿式羊群行为研究"(71271118)
教育部人文社会科学研究项目"基于计算金融实验的市场崩溃与模仿式羊群行为研究"(12YJC790246)
关键词
碳披露
融资约束
资源型行业
CCGD指标
ACW模型
carbon disclosure
financial constraints
heavily polluting industries
CCGD
ACW model
