摘要
在“双碳”背景下,制造业企业作为碳排放的源头,面临着极大的外部环境压力,如何在外部约束下有效提升市场价值,已成为亟待解决的重要问题。基于信号传递理论、声誉理论和企业生命周期理论,利用2013—2022年沪深A股制造业上市企业数据,实证检验企业碳信息披露对市场价值的影响。结果发现,企业碳信息披露正向影响市场价值,绿色形象在企业碳信息披露促进市场价值中起部分中介作用,企业生命周期负向调节碳信息披露对市场价值的影响。进一步研究发现,在非国有企业以及经济欠发达地区,企业通过碳信息披露促进市场价值提升的积极作用更显著。该研究可深化对制造业企业市场价值驱动的认知,也可促进更多企业积极主动地进行碳信息披露,为助力实现“双碳”目标提供参考。
Under the"Dual Carbon"goals background,manufacturing enterprises,as major sources of carbon emissions,faced significant external environmental pressures.Effectively enhancing market value under these constraints has become an urgent issue.Drawing on signaling theory,reputation theory,and the firm life cycle perspective,this study empirically examined the impact of corporate carbon information disclosure(CID)on market value using data from A-shares listed manufacturing companies in China from 2013 to 2022.The study found that:CID positively influenced market value;green image played a partial mediating role in the relationship between CID and market value enhancement;the firm life cycle negatively moderated the effect of CID on market value.Further analysis revealed that the positive impact of CID on market value was more pronounced in non-state-owned enterprises and economically underdeveloped regions.This research could deepen the understanding of the drivers of market value of manufacturing enterprises,promote more enterprises to proactively disclose carbon information,and provide valuable insights for achieving the"dual carbon"goals.
作者
杨英
张永奇
陈怡玮
YANG Ying;ZHANG Yong-qi;CHEN Yi-wei(School of Economics and Management,Northeast Electric Power University,Jilin 132012,China)
出处
《吉林工商学院学报》
2025年第5期56-65,127,共11页
Journal of Jilin Business and Technology College
基金
国家社会科学基金项目“乡村振兴战略下农业企业绿色创业导向的测量、驱动机制及对绩效的影响研究”(20BGL059)。
关键词
碳信息披露
市场价值
绿色形象
企业生命周期
carbon information disclosure
market value
green image
firm life cycle
