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论文编号：	14637
作者编号：	2120223661
上传时间：	2024/6/5 16:10:17
中文题目：	双碳背景下碳信息披露质量对企业价值的影响——基于融资成本的中介作用
英文题目：	The Impact of Carbon Disclosure Quality on Firm Value in a Dual-Carbon Context -- Based on the Mediating Role of Financing Costs
指导老师：	齐岳
中文关键字：	碳信息披露质量；评价体系；企业价值；融资成本；中介效应
英文关键字：	carbon disclosure quality; evaluation system; enterprise value; financing cost; intermediation effect
中文摘要：	积极迈向碳达峰和碳中和对构建现代社会主义国家、推动中华民族持续前进，及携手共建人类命运共同体均具有划时代意义。在这样的背景下，企业公开碳信息不仅彰显其对低碳经济和减排承诺的重视，也是实现碳中和目标及增强企业价值的关键。面对这场经济与社会的全面转型，资本市场应奖励那些提供真实碳数据的企业，以正面激励为导向。然而，很多企业还没有完全意识到公开碳信息所带来的潜在经济利益，这不仅减缓了他们提高信息公开积极性的步伐，还降低了各利益方做出科学和有效决策的能力。 针对上述情况，本文借鉴已有的研究成果，结合评价体系的全面性和代表性，选择了2013-2021年间在沪深A股上市的制造业公司作为研究对象，本文设计了一个包括8个核心指标和27个子指标的碳信息披露质量评估体系，通过内容分析法和熵权法计算出这些公司在碳信息披露方面的综合得分。基于质量得分，本文进一步探讨了碳信息披露质量与企业的长期及短期价值之间的关系，并研究了融资成本（涵盖股权融资成本、债务融资成本和综合融资成本）对此关系的影响。本文旨在帮助企业管理层清晰认识到碳信息披露对企业价值的影响，从而促进他们提升在碳信息公开方面的主动性。 通过一系列方法论的应用，包括描述性统计、相关性探讨、总效应评估、中介机制分析，以及稳健性验证，本文得到以下核心结论：（1）我国企业披露的碳信息在整体上质量不高；（2）改善碳信息披露质量对于增加企业的长期价值有正向影响；（3）提升碳信息披露质量对企业短期价值的提升作用不明显；（4）碳信息披露质量与融资成本（包括股权融资成本、债务融资成本以及综合融资成本）呈现显著的负向关系；（5）在碳信息披露质量与企业长期价值的正向关系中，融资成本起到了部分的中介作用。 结合上述研究成果，本文从企业与政府两方面提出了增强我国企业碳信息披露质量的建议，目的在于激励企业与政府共同作为，拓宽碳信息披露的范围与提升其质量，以支持企业的持续发展并提升企业价值。
英文摘要：	Actively moving towards carbon peak and carbon neutrality is of epoch-making significance for the construction of a modern socialist country, the sustainable advancement of the Chinese nation, and the building of a community of human destiny. Against this backdrop, the disclosure of carbon information by corporations not only demonstrates the importance they attach to a low-carbon economy and their commitment to emissions reduction, but is also the key to realizing the goal of carbon neutrality and enhancing corporate value. In the face of this comprehensive economic and social transformation, capital markets should reward companies that provide real carbon data with positive incentives. However, many companies are not yet fully aware of the potential economic benefits of disclosing carbon information, which not only slows down the pace of their motivation to increase disclosure, but also affects the ability of various stakeholders to make scientific and effective decisions. To address the above situation, this essay learns from the existing research results, combines the comprehensiveness and representativeness of the evaluation system, and selects manufacturing companies listed in Shanghai and Shenzhen A-shares during 2013-2021 as the research object. This essay designs a carbon information disclosure quality assessment system including 8 core indicators and 27 sub-indicators, and calculates the carbon information disclosure quality of these companies through the content analysis method and entropy weighting method. Comprehensive scores are calculated through content analysis and entropy weight method. Based on the quality scores, this paper further explores the relationship between compliance with carbon disclosure quality and long-term and short-term corporate value, and examines the impact of financing costs (including equity financing costs, debt financing costs, and comprehensive financing costs) on this relationship. The purpose of this paper is to help corporate management clearly recognize the impact of carbon disclosure on corporate value, so as to promote their initiative in carbon disclosure. Through the application of a series of methodologies, including descriptive statistics, correlation exploration, total effect assessment, mediation mechanism analysis, and robustness validation, this paper obtains the following core conclusions: (1) the overall quality of carbon information disclosed by enterprises in China is low; (2) optimizing the disclosure quality of carbon information has a positive impact on increasing the long-run value of an enterprise; and (3) improving the disclosure quality of carbon information does not have a significant impact on the short-run value of an enterprise; (4) carbon disclosure quality is significantly and negatively associated with financing costs (including equity financing costs, debt financing costs, and comprehensive financing costs); (5) the cost of financing partially mediates the positive relationship between perceived carbon disclosure quality and long-term firm value. Integrating the above studies, this paper puts proposals to enhance the quality of carbon information disclosure of enterprises in China from the perspective of enterprises and the government, with the aim of motivating enterprises and the government to work together to broaden the scope and improve the quality of carnival reporting, so as to support the sustained development of enterprises and enhance the value of the enterprises.
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