摘 要
随着全球气候变化问题日益严峻，碳会计信息披露逐渐成为企业履行环境责任的重要工具。本研究旨在探讨碳会计信息披露对企业价值的影响机制，以期为企业绿色转型提供理论支持和实践指导。基于利益相关者理论与信息不对称理论，本文选取2016年至2021年间中国A股上市公司为研究样本，采用多元回归分析方法，结合碳信息披露指数构建量化模型，评估碳会计信息披露水平与企业价值之间的关系。研究结果表明，碳会计信息披露质量的提升能够显著增强企业价值，这一效应通过缓解信息不对称、降低融资成本以及提高市场信任度得以实现。进一步分析发现，该影响在高污染行业更为显著，且投资者对披露内容的透明度和可信度尤为关注。此外，引入机构投资者持股比例作为调节变量后发现，较高的机构投资者参与度会强化碳信息披露对企业价值的正向作用。本研究的创新点在于首次将碳会计信息披露细化为多个维度进行量化分析，并揭示了其对企业价值的具体传导路径。同时，研究结果为政策制定者完善碳信息披露制度提供了参考依据，也为企业在可持续发展背景下的信息披露策略优化提供了重要启示。总体而言，本研究不仅丰富了碳会计领域的理论框架，还为企业践行绿色发展理念提供了实证支持。
关键词：碳会计信息披露；企业价值；信息不对称；高污染行业；机构投资者持股比例
Abstract
As the issue of global climate change becomes increasingly severe, carbon accounting information disclosure has gradually become an essential tool for enterprises to fulfill their environmental responsibilities. This study aims to explore the mechanism by which carbon accounting information disclosure affects corporate value, thereby providing theoretical support and practical guidance for corporate green transformation. Based on stakeholder theory and information asymmetry theory, this paper selects A-share listed companies in China from 2016 to 2021 as research samples, employing multiple regression analysis and constructing a quantification model using the carbon information disclosure index to evaluate the relationship between the level of carbon accounting information disclosure and corporate value. The results indicate that enhancing the quality of carbon accounting information disclosure significantly increases corporate value, an effect achieved through alleviating information asymmetry, reducing financing costs, and increasing market trust. Further analysis reveals that this impact is more pronounced in high-pollution industries, with investors showing particular attention to the transparency and credibility of disclosed content. Additionally, introducing the proportion of institutional investor ownership as a moderating variable shows that higher institutional investor participation strengthens the positive role of carbon information disclosure on corporate value. The innovation of this study lies in its first-time detailed quantification of carbon accounting information disclosure into multiple dimensions for analysis, revealing specific transmission paths of its influence on corporate value. Simultaneously, the findings provide reference for policymakers to improve carbon information disclosure systems and offer significant implications for optimizing corporate information disclosure strategies under the background of sustainable development. Overall, this study not only enriches the theoretical fr amework of carbon accounting but also provides empirical support for enterprises to practice green development concepts.
Keywords: Carbon Accounting Information Disclosure; Enterprise Value; Information Asymmetry; High Pollution Industry; Institutional Investor Shareholding Ratio
目 录
1绪论 1
1.1碳会计信息披露的研究背景 1
1.2研究碳会计信息披露的意义分析 1
1.3国内外研究现状综述 1
1.4本文研究方法与创新点 2
2碳会计信息披露的理论基础 2
2.1碳会计信息披露的概念界定 2
2.2碳会计信息披露的相关理论支撑 3
2.3碳会计信息披露的框架体系构建 3
2.4碳会计信息披露的核心要素分析 4
2.5理论对实践的指导意义 4
3碳会计信息披露对企业价值的影响机制 5
3.1企业价值的衡量标准与指标体系 5
3.2碳会计信息披露与企业财务绩效的关系 5
3.3碳会计信息披露对市场反应的影响路径 6
3.4碳会计信息披露与企业声誉的关联性分析 6
3.5影响机制的综合模型构建 7
4碳会计信息披露影响企业价值的实证分析 7
4.1实证研究的设计与数据来源 7
4.2碳会计信息披露水平的量化方法 8
4.3实证结果分析与解释 8
4.4不同行业间的影响差异比较 9
4.5实证研究的主要发现与局限性 9
结论 11
参考文献 12
致 谢 13
