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  本文關(guān)鍵詞：企業(yè)碳信息披露、資本成本與綜合績效研究　出處：《首都經(jīng)濟貿(mào)易大學》2017年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 碳信息披露質(zhì)量 資本成本 綜合績效 績效評價

【摘要】：全球范圍內(nèi)的大氣污染和生態(tài)環(huán)境的破壞已經(jīng)成為現(xiàn)階段人類發(fā)展的關(guān)鍵制約因素。在此基礎(chǔ)上,人們的碳風險意識不斷加強,相關(guān)的環(huán)境治理和減排措施也陸續(xù)出臺。企業(yè)作為社會經(jīng)濟中的基本單位,其對于碳風險的認知和重視程度無疑表明了它在低碳經(jīng)濟時代是否具備戰(zhàn)略眼光和綠色競爭力。企業(yè)的碳信息披露質(zhì)量作為連接了企業(yè)和社會公眾的橋梁,一定程度上能夠衡量企業(yè)的碳風險意識。企業(yè)可以通過披露相關(guān)的碳信息向社會公眾傳達其在環(huán)境資源保護方面的努力。本文通過研究企業(yè)的碳信息披露質(zhì)量進而認識企業(yè)的碳風險意識狀況。并以此為基礎(chǔ)將企業(yè)的碳信息披露狀況和企業(yè)的資本成本以及績效水平聯(lián)系起來,研究這三者之間的相關(guān)性問題,最后用實證的方式來論述企業(yè)的碳風險意識是否會通過影響資本成本進而對企業(yè)的整體績效水平產(chǎn)生影響。文章首先進行了以往相關(guān)文獻的梳理并進行了理論分析,隨后建立了企業(yè)碳信息披露質(zhì)量評價體系以及企業(yè)綜合績效評價體系,分別對所選取的2010年至2015年共590家擁有完整數(shù)據(jù)信息的企業(yè)進行評價打分。同時,本文引入了權(quán)益資本成本這一中間變量,通過回歸分析的方式驗證企業(yè)碳信息披露是否會通過影響權(quán)益資本成本進而影響到企業(yè)綜合績效�？紤]到企業(yè)碳排放量是企業(yè)碳信息披露的內(nèi)部動力,國有控股是企業(yè)碳信息披露的一個重要外部影響因素,因此本文加入了碳排放量和國有持股兩個因素進行了進一步的實證分析。實證過程中本文采取了描述性統(tǒng)計、層次分析法、多元回歸分析等多種方法進行了實證研究,得到了實證結(jié)果如下:(1)企業(yè)進行碳信息披露可以促使其降低資本進而提升其綜合績效。(2)碳排放量是影響企業(yè)碳信息披露的重要因素,并影響了碳信息披露對資本成本以及綜合績效的作用。(3)國有控股企業(yè)的整體碳信息披露質(zhì)量較高,其對企業(yè)的綜合績效影響更加明顯。文章的結(jié)尾本文根據(jù)實證結(jié)果對全國范圍內(nèi)的企業(yè)碳信息披露的發(fā)展提出了相應(yīng)的政策建議。
[Abstract]:The global air pollution and the destruction of the ecological environment have become the key constraints of human development at this stage. On this basis, people's awareness of carbon risk has been strengthened. Related environmental governance and emission reduction measures have been introduced. Enterprises as the basic unit of social economy. The degree of recognition and attention to carbon risk undoubtedly shows whether it has strategic vision and green competitiveness in the era of low-carbon economy. The quality of carbon information disclosure of enterprises serves as a bridge between enterprises and the public. To a certain extent, enterprises can measure the carbon risk awareness of enterprises. Enterprises can communicate their efforts in environmental and resource protection to the public through the disclosure of relevant carbon information. This paper studies the quality of carbon information disclosure in enterprises. On the basis of understanding the carbon risk awareness of enterprises, and based on this, the disclosure of carbon information is linked to the cost of capital and the level of performance of enterprises. To study the correlation between the three. Finally, the paper discusses whether the carbon risk awareness of enterprises will affect the overall performance level of enterprises by influencing the cost of capital. Analysis. Then establish the enterprise carbon information disclosure quality evaluation system and enterprise comprehensive performance evaluation system. From 2010 to 2015, a total of 590 enterprises with complete data information were evaluated and scored. At the same time, this paper introduced the cost of equity capital as an intermediate variable. Through regression analysis to verify whether the disclosure of carbon information will affect the cost of equity capital and then affect the overall performance of enterprises. Considering that carbon emissions are the internal driving force of carbon disclosure. State-owned holding is an important external influence factor of carbon information disclosure in enterprises. Therefore, this paper adds carbon emissions and state-owned ownership to further empirical analysis. In the empirical process, this paper adopts descriptive statistics, analytic hierarchy process. Multiple regression analysis and other methods of empirical research. The empirical results are as follows: 1) carbon disclosure can promote the reduction of capital and improve its overall performance. 2) carbon emissions are the important factors that affect the disclosure of carbon information. And the impact of carbon information disclosure on the cost of capital and the role of comprehensive performance. 3) the overall quality of state-owned holding enterprises carbon information disclosure is relatively high. At the end of this paper, based on the empirical results, the author puts forward some policy suggestions on the development of carbon information disclosure in the whole country.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：X196;F275

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