碳信息披露质量对企业财务绩效的影响研究

Research on the Impact of Carbon Information Disclosure Quality on Corporate Financial Performance

摘要: 当前，全球气候问题日益严峻，碳信息披露质量愈发受到各界关注。企业碳信息披露质量不仅关乎其应对气候变化的责任履行，也对财务绩效存在重要影响。基于此，本文聚焦碳信息披露质量对企业财务绩效的影响，引入投资者信心作为中介变量、高管薪酬激励作为调节变量展开研究。本文选取4878个沪深A股上市公司样本，选取2014~2023年数据，通过文献研究、规范研究等方法，结合利益相关者理论、信号不对称理论提出假设。得出结论：(1) 碳信息披露质量正向影响企业财务绩效；(2) 高管薪酬激励正向调节该关系；(3) 碳信息披露质量通过投资者信心促进企业财务绩效。(4) 异质性分析显示该影响在国有企业与小规模企业中更为显著。

Abstract: At present, global climate issues are becoming increasingly severe, and the quality of carbon information disclosure has attracted more and more attention from all walks of life. The quality of corporate carbon information disclosure is not only related to its fulfillment of its responsibility to address climate change, but also has an important impact on financial performance. Based on this, this paper focuses on the impact of carbon information disclosure quality on corporate financial performance, introduces investor confidence as a mediating variable and executive compensation incentives as a moderating variable to conduct research. This paper selects 4878 samples of Shanghai and Shenzhen A-share listed companies, selects data from 2014 to 2023, and proposes hypotheses through literature research, normative research and other methods, combined with stakeholder theory and signal asymmetry theory. Conclusions: (1) Carbon information disclosure quality has a positive impact on corporate financial performance; (2) Executive compensation incentives positively moderate this relationship; (3) Carbon information disclosure quality promotes corporate financial performance through investor confidence.