企业碳效率差异及其影响因素分析——来自S&P500强的证据

›› 2019, Vol. 31 ›› Issue (3): 27-38.

企业碳效率差异及其影响因素分析——来自S&P500强的证据

周志方^1,2, 董子琦³, 曾辉祥¹, 肖艺璇¹

1. 中南大学商学院, 长沙 410038;
2. 两型社会与生态文明协同创新中心, 长沙 410083;
3. 悉尼大学商学院, 悉尼 2006

收稿日期:2016-11-10 出版日期:2019-03-28 发布日期:2019-03-27
通讯作者: 曾辉祥,中南大学商学院讲师,博士。
作者简介:周志方,中南大学商学院副教授,硕士生导师,博士;董子琦,悉尼大学商学院硕士研究生;肖艺璇,中南大学商学院硕士研究生。
基金资助:
国家自然科学基金重点项目（71431006）；教育部哲学社会科学研究重大课题攻关项目（16JZD0013）；湖南省社科基金基地项目（16JD67）；湖南省自然科学基金青年项目（2017JJ3399）。

Differences of Corporate Carbon Efficiency and Its Influencing Factors: Evidence from Companies Listed S&P500

Zhou Zhifang^1,2, Dong Ziqi³, Zeng Huixiang¹, Xiao Yixuan¹

1. Business School, Central South University, Changsha 410038;
2. Innovation Center of Resource-conserving & Environment-friendly Society and Ecological Civilization, Changsha 410083;
3. Business School, the University of Sydney, Sydney 2006

Received:2016-11-10 Online:2019-03-28 Published:2019-03-27

摘要/Abstract

摘要：

全球变暖使人类生存面临着巨大威胁，发展低碳经济成为当下实现可持续发展的必然选择。碳效率作为衡量企业经济环境效益的直接工具，其影响因素的研究对企业优化低碳管理体系，提升低碳运营水平，实现低碳经济意义重大。本文以碳信息披露项目（CDP）为平台，以2011-2014年S&P500企业为研究对象，实证分析了企业碳效率及其与企业价值、制度环境和资本市场压力之间的关系，并进一步分析碳效率的主要决定因素。结果表明：碳效率与企业价值显著正相关，与制度环境显著负相关，与筹资数量、资产负债比率相关性不大；企业碳效率同时受到企业内部因素和社会、经济市场等外部因素的影响，也体现了碳效率在企业低碳化生产经营中的重要性。随着中国碳交易市场的逐渐健全完善，中国企业应当树立低碳运营意识，提高低碳管理水平，有步骤、有重点地提升碳效率。

关键词: 碳效率, 企业价值, 制度环境, S&, P500, 上市公司

Abstract:

The global warming is threatening the future development of human being, so low carbon economy becomes an inevitable solution to realizing sustainable development. Carbon efficiency, calculated as the ratio of revenue and total carbon emission, can integrate both economic growth and carbon emission reduction at the same time. Based on the data provided by Carbon Disclosure Project (CDP), this paper chooses the relevant data of companies listed in S&P 500 during the period from 2011 to 2014 and studies on the relationships among the enterprise value, carbon efficiency, institutional environment and capital market pressure, and further determines main factors that influence carbon efficiency. Empirical results mainly suggest four conclusions:carbon efficiency is positively associated with firm value; carbon efficiency is negatively associated with institutional environment, however, no statistically significant association is seen between carbon efficiency and financial market pressures; enterprises' carbon efficiency is simultaneously affected by internal factors of companies themselves and external factors of the society and financial market; and the results show the importance of carbon efficiency in the operation of enterprises.

Key words: carbon efficiency, firm value, institutional environment, S &, P 500, listed companies

周志方, 董子琦, 曾辉祥, 肖艺璇. 企业碳效率差异及其影响因素分析——来自S&P500强的证据[J]. , 2019, 31(3): 27-38.

Zhou Zhifang, Dong Ziqi, Zeng Huixiang, Xiao Yixuan. Differences of Corporate Carbon Efficiency and Its Influencing Factors: Evidence from Companies Listed S&P500[J]. , 2019, 31(3): 27-38.

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