公司碳排放量和市场价值
1School of Economics and Management, Northeast Forestry University, Harbin, 150040, China. 2023213560@nefu.edu.cn.
Scientific reports
|August 20, 2025
概括
更高的企业碳排放量会通过降低风险承担和竞争力对公司价值产生负面影响. 这项研究强调了中国企业与碳排放相关的财务风险.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 可持续性研究 可持续性研究
背景情况:
- 全球低碳治理和中国的国家目标需要平衡经济发展与环境责任.
- 企业面临着越来越大的压力,需要将经济效益与社会和环境贡献相协调.
研究的目的:
- 实证地研究企业碳排放对中国公司价值的影响.
- 调查碳排放影响公司价值的机制.
- 确定加剧或减轻这种关系的因素.
主要方法:
- 在上海和深证券交易所上市的非金融A股公司的分析 (2008-2018).
- 使用差异差异,仪器变量分析和安慰剂强度测试.
- 机制分析探讨了对风险承担,市场竞争力和投资者持股的影响.
主要成果:
- 在企业碳排放和公司价值之间发现了显著的负相关性.
- 碳排放通过降低企业的风险承担,产品市场竞争力和绿色投资者持股来降低公司价值.
- 负面影响在具有高代理成本,收益管理和低CSR绩效的公司中更为明显.
结论:
- 在中国的背景下,企业碳排放对公司价值构成直接的金融风险.
- 了解这些风险对于扩大碳排放对经济影响的研究至关重要.
- 公司特定的特点,如代理成本和企业社会责任绩效,大大调节了碳排放和公司价值之间的关系.
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