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论文编号：	14125
作者编号：	2120213334
上传时间：	2023/6/13 11:20:06
中文题目：	碳信息披露质量、企业生命周期与企业价值
英文题目：	Carbon Information Disclosure Quality, Enterprise Life Cycle and Enterprise Value
指导老师：	齐岳
中文关键字：	碳信息披露质量；评价体系；熵权法；企业生命周期；企业价值
英文关键字：	carbon information disclosure quality; evaluation system; entropy weight method; enterprise life cycle; enterprise value
中文摘要：	随着全世界愈发重视环境问题，探索实现经济社会可持续发展的发展模式是人们密切关注的话题。环境问题中亟待解决的问题之一就是全球气候变暖，而碳排放是全球气候变暖的主要原因，发展低碳经济要求各碳排放主体进行高质量碳信息披露。国外在碳信息披露领域的探索较早，多国制定了强制性碳信息披露相关的法律法规，各个国际组织也从不同视角发布了自愿性碳信息披露框架。中国仍以自愿性碳信息披露为主，且缺乏统一的披露框架，碳信息披露质量较低。同时，碳信息披露领域的研究也不够充分，为实践提供的借鉴较少。 文章的核心研究内容：第一，通过梳理文献和理论以及国内外碳信息披露的实践进展，构建了包含5个质量维度，9个总体指标和21个分项指标的碳信息披露质量评价体系。利用内容分析法和熵权法计算出化工行业A股上市公司2016-2020年的碳信息披露质量得分并进行评价。第二，基于收集的碳信息披露质量数据，利用滞后一期的固定效应模型探究企业碳信息披露质量与企业价值间的关系，并依据企业生命周期理论将整体样本划分为成长期、成熟期和衰退期三个子样本，进一步探讨处于不同生命周期阶段的企业碳信息披露质量和企业价值间关系的差异。第三，采用变更企业生命周期划分方法和倾向得分匹配的方法验证研究结果的稳健性。 文章的主要结论：第一，我国在碳信息披露领域的实践进展相对较慢，缺乏强制性的、统一的碳信息披露框架，以自愿性披露为主。文章构建了更为全面的碳信息披露质量评价体系并对化工行业A股上市公司的碳信息披露质量进行评估，发现行业碳信息披露质量逐年提升但整体水平较低。第二，化工行业A股上市公司整体碳信息披露质量与企业价值之间存在负相关关系。此外，该行业成长期和衰退期的上市公司的碳信息披露质量和企业价值的负相关关系显著，而成熟期企业的碳信息披露质量与企业价值之间不存在显著关系。 综上，文章构建了企业碳信息披露质量评价体系以评估企业碳信息披露质量，并结合企业生命周期理论，深入探究了企业碳信息披露质量和企业价值之间的关系，为碳信息披露工作的推进提供了理论和实证支撑。
英文摘要：	As the world pays more attention to environmental issues, exploring the development model to achieve sustainable economic and social development is a topic of close concern. One of the urgent problems to be solved in environmental issues is global warming, and carbon emissions are the main culprit of global warming. Developing a low-carbon economy requires carbon emission entities to disclose high-quality carbon information. Foreign countries started early in the field of carbon information disclosure. Many countries have formulated laws and regulations on mandatory carbon information disclosure, and various international organizations have also issued voluntary carbon information disclosure frame from different perspectives. In China, voluntary disclosure is still the main form, and there is no unified disclosure framework, and the quality of carbon information disclosure is low. In addition, the research in the field of carbon information disclosure is not sufficient and provides little reference for practice. The core research content of the article: First, through combing the literature and theory as well as the practical progress related to carbon information disclosure at home and abroad, an evaluation system of carbon information disclosure quality is constructed, including 5 quality dimensions, 9 overall indicators and 21 sub-indicators. Using the content analysis method and entropy weight method, the article calculates the scores of the carbon information disclosure quality of A-share listed companies in the chemical industry from 2016 to 2020 and gives the evaluation. Second, based on the carbon information disclosure quality data, we explore the relationship between the quality of corporate carbon information disclosure and corporate value using a fixed effect model with a lag of one period. Additionally, to further explore the differences of relationship between the carbon information disclosure quality and the enterprise value at different life cycle stages, the overall sample is divided into three sub-samples of growth period, maturity period and decline period according to the enterprise life cycle theory. Thirdly, through changing the enterprise life cycle division method and the Propensity Score Matching method, the robustness of the research results is verified. The main conclusions of the article are as follows: First, China's practice quality in the carbon information disclosure field is relatively slow, lacking a mandatory and unified carbon information disclosure framework, and the disclosure of carbon information is mainly voluntary. The article constructs a new carbon information disclosure quality evaluation system and evaluates the carbon information disclosure quality of A-share listed companies in the chemical industry. It is found that the quality of carbon information disclosure in the industry has improved year by year, but the overall level is low. Secondly, there is a negative correlation between the overall carbon information disclosure quality and enterprise value of A-share listed companies in the chemical industry. In addition, there is a significant negative correlation between the quality of carbon information disclosure and enterprise value of listed companies in the growth and recession periods of the industry, while there is no significant relationship between the two. To sum up, the article has built an system to evaluate the carbon information disclosure quality of enterprises and has deeply explored the relationship between the carbon information disclosure quality of enterprises and enterprise value, providing theoretical and empirical support for the promotion of carbon information disclosure.
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