企业碳信息披露对财务绩效的影响机理——媒体治理的“倒U型”调节作用

摘要/Abstract

摘要：

全球气候变暖是当今世界关注的突出问题，碳减排已经成为衡量经济增长质量的重要指标之一。企业碳信息披露及其对财务绩效的影响成为近年来的研究热点。然而，碳信息的可见性相对较低，现有的研究成果几乎都着眼于二者之间的直接关系，对于媒体在二者之间所起的作用的研究还很少。本文分析了碳信息披露对财务绩效的影响机理以及媒体在其中所起的调节作用。研究发现：（1）碳信息披露对资产收益率（ROA）和净资产收益率（ROE）具有显著的正向影响作用；（2）与以往的研究结论不同，本文发现媒体在碳信息披露对财务绩效的正向影响关系中的线性调节作用不显著，而是起到了显著的"倒U型"调节作用。

关键词: 碳信息披露, 媒体治理, 财务绩效, ", 倒U型", 调节

Abstract:

As global warming continues to attract worldwide attention, carbon emission has become one of the important indicators to measure the quality of economic growth. Carbon disclosure and its impact on the financial performance have been a research focus in recent years. However, the visibility of carbon information is relatively low and the existing researches almost focus on the direct relationship between carbon disclosure and financial performance, with little attention to the role of the media in it. This paper analyzes the influencing mechanism of carbon disclosure on financial performance and the moderating role of the media on the relationship. This research shows that:(1) Carbon disclosure has a significant positive influence on return on assets (ROA) and return on equity (ROE); (2) Different from previous findings, this paper finds that the media has insignificant linear moderating effect, but a significant "inverted U-shaped" moderating effect on the positive relationship between carbon disclosure and the financial performance.

Key words: carbon disclosure, media governance, financial performance, "inverted U-shaped", moderating role

温素彬, 周鎏鎏. 企业碳信息披露对财务绩效的影响机理——媒体治理的“倒U型”调节作用[J]. , 2017, 29(11): 183-195.

Wen Subin, Zhou Liuliu. The Influencing Mechanism of Carbon Disclosure on Financial Performance——“Inverted U-shaped” Moderating Role of Media Governance[J]. , 2017, 29(11): 183-195.

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