摘要
文章以2012—2018年我国沪深A股上市公司面板数据为样本,依据第三方独立机构所发布的企业社会责任评级报告,构建了碳信息披露指数,并从企业生命周期视角出发,实证检验了碳信息披露对企业价值的动态影响。结果发现:从全样本来看,碳信息披露对企业价值具有显著正面影响;企业处于不同生命周期阶段时,碳信息披露对企业价值的影响存在差异,处于成长期时,碳信息披露对企业价值具有负面影响,处于成熟期和衰退期时,碳信息披露对企业价值具有显著的正面影响,并且,碳信息披露对企业价值的正面影响在成熟期阶段最强,在衰退期阶段减弱。
Based on the panel data of the Shanghai and Shenzhen A-share listed companies in China from 2012 to 2018,this paper selects the corporate social responsibility rating report issued by a third party independent institution as the sample,constructs the carbon information disclosure index,and studies the impact of enterprise life cycle on the relationship between carbon information disclosure and enterprise value.The results show that carbon information disclosure has a significant positive impact on enterprise value from the perspective of the whole sample.When enterprises are in different life cycle stages,carbon information disclosure has different impacts on enterprise value.In the stage of growth,carbon information disclosure has a negative impact on enterprise value;in the maturity stage and the decline stage,carbon information disclosure has a significant positive impact on enterprise value.In addition,the positive impact of carbon disclosure on enterprise value is the strongest in the maturity stage and weakens in the decline stage.
作者
杜湘红
王惠质
DU Xianghong;WANG Huizhi(College of Business,Hunan Normal University,Changsha Hunan 410006,China)
出处
《长沙大学学报》
2021年第2期50-56,共7页
Journal of Changsha University
基金
湖南省教育厅科学研究项目,编号:19C1121。
关键词
企业生命周期
碳信息披露
企业价值
enterprise life cycle
carbon information disclosure
enterprise value
