碳信息披露与资本市场开放——基于沪港通与深港通的实践检验

doi:10.12006/j.issn.1673-1719.2022.156

摘要/Abstract

摘要：

在实现“双碳”目标的背景下，企业碳信息披露是充分发挥市场机制和社会监督作用的基础。文中研究资本市场开放对企业碳信息披露的影响，并进一步分析碳信息披露的影响因素和作用机制。以沪港通和深港通为背景，以2012—2020年我国2182家A股上市企业数据为样本，构建多维度碳信息披露质量评价体系，运用多期倍分法（DID）模型进行分析。实证结果表明：资本市场开放对于企业碳信息披露有正向促进作用。信息环境对该促进作用有调节效应。外部压力和内部激励两方面的共同作用促成了企业在资本市场开放的背景下更好地披露碳信息。最后提出将对碳信息披露的促进作用纳入资本市场开放的考量、培养应对气候变化导向的资本市场、完善我国碳信息披露框架、努力改善公司治理方式并提高公司治理能力等政策建议。

关键词: 碳信息披露, 资本市场开放, 沪港通, 深港通, 多期倍分法（DID）模型, 中介效应模型

Abstract:

In the context of achieving the goal of “carbon peaking and carbon neutrality”, corporate carbon information disclosure is the basis for giving full play to the role of market mechanism and social supervision. This paper focuses on the impact of capital market opening on corporate carbon information disclosure, and further analyzes the influencing factors of carbon information disclosure. Taking Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect as the background and the data of 2182 A-share listed enterprises in China from 2012 to 2020 as the sample, a multi-dimensional carbon disclosure quality evaluation system was constructed and analyzed using a multi-period difference-in-differences (DID) model. The results show that the opening of capital market has a positive role in promoting corporate carbon information disclosure. Information environment has a moderating effect on its promotion. The combination of external pressure and internal incentives has facilitated enterprises to better disclose carbon information regarding the opening of capital market. This paper puts forward policy suggestions such as bringing the promotion of carbon information disclosure into consideration of capital market opening, cultivating a climate-change-oriented capital market, improving China’s carbon information disclosure framework, and striving to improve corporate governance and enhance corporate governance capabilities. The marginal contribution of this paper lies in: (1) Build a multi-dimensional evaluation index system to evaluate the carbon information disclosure of A-share listed companies in China, so as to analyze its influencing factors based on the practice of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect; (2) Multi-angle mechanism analysis and in-depth analysis of the internal impact mechanism have guiding significance for improving the carbon information disclosure mechanism.

Key words: Carbon information disclosure, Capital market opening, The Shanghai-Hong Kong Stock Connect, The Shenzhen-Hong Kong Stock Connect, Multi-period DID model, Mediating model

许光清, 吴静怡. 碳信息披露与资本市场开放——基于沪港通与深港通的实践检验[J]. 气候变化研究进展, 2023, 19(2): 227-237.

XU Guang-Qing, WU Jing-Yi. Carbon information disclosure and capital market opening—a practical test based on Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect[J]. Climate Change Research, 2023, 19(2): 227-237.

图/表 8

图1 资本市场开放影响企业碳信息披露的机制注：图中实线表示中介效应，虚线表示调节效应。

Fig. 1 The mechanism of capital market opening affecting enterprise’s carbon information disclosure

表1 碳信息披露质量评价体系

Table 1 Carbon information disclosure quality evaluation system

表2 主要变量定义与说明

Table 2 Definition and description of main variables

表3 主要变量的描述性统计

Table 3 Descriptive statistics of main variables

表4 回归结果

Table 4 Regression results

表5 调节效应分析结果

Table 5 Analysis results of regulation effect

表6 中介效应分析结果

Table 6 Mediation effect analysis results

表7 稳健性检验结果

Table 7 Robustness test results

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