高碳排放行业企业碳信息披露动机及经济后果研究OA北大核心CHSSCDCSSCICSTPCD

Based on the sample of listed enterprises from carbon-intensive sectors in China from 2016 to 2020,this paper empirically examines the relationships between carbon performance,the level of carbon information disclosure,and corporate value,and reveals the motivation and economic consequences of carbon information disclosure by enterprises from carbon-intensive sectors.The paper shows that there exists a U-shaped relationship between enterprise carbon performance and carbon information disclosure.For enterprises with poor carbon performance,the poorer the carbon performance,the higher the level of carbon information disclosure,due to motivations related to legitimacy.For enterprises with good carbon performance,the better the carbon performance,the higher the level of carbon information disclosure,due to motivations related to signaling.Furthermore,the impact of carbon information disclosure on company value is dual-sided.The costs and risks associated with carbon information disclosure negatively affect the enterprise's short-term performance,but significantly enhance the market value of the enterprise,which is beneficial for the enterprise's long-term development.In addition,media oversight plays a significant positive role in regulating both the motivation and consequences of corporate carbon information disclosure.Media coverage can improve the visibility of enterprise information dissemination behavior,thereby moderating the motivation for carbon information disclosure.Media coverage can also reduce the agency cost between enterprises and stakeholders through information dissemination and public opinion guidance,thereby mitigating the negative impact of carbon information disclosure on the enterprise's short-term performance and enhancing its positive impact on market value.This paper provides a theoretical basis and empirical evidence for identifying different motivations behind corporate carbon information disclosure,thus guiding companies to actively disclose carbon information in a standardized manner.