【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。更多还原

【Abstract】 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.更多还原