企业减排承诺的市场估值效应：赋能还是负能

摘要/Abstract

摘要： 企业是实现碳达峰与碳中和目标的行动主体,减排承诺为投资者观察企业未来减排态势提供了重要参考。然而,现有研究主要关注ESG、CSR等历史披露信息,忽视了减排承诺这一前瞻性信息对企业估值的影响。基于此,以在CDP公开披露问卷调查的中国企业为样本,考察减排承诺与股票回报的关系,结果表明,企业减排承诺能够有效降低投资者要求的股票回报,揭示了减排承诺对市场估值的赋能效应。机制及异质性分析发现,减排承诺通过提供未来增量信息、缓解信息不对称和降低企业风险影响股票回报,且随着地区环境规制强度、企业碳排放水平以及减排承诺可置信水平的不同,影响程度有所差异。进一步研究发现,企业减排承诺具有行业溢出效应,能够显著提升同行业竞争对手的减排承诺信息披露水平。经济后果分析发现,减排承诺不仅能够有效约束企业后续减排行为,由减排承诺带来的资本成本下降还有助于扩大后续权益融资规模。因此,管理层应积极披露减排承诺,做到言出必行、一诺千金;政府部门也应当规范信息披露标准,充分发挥前瞻性信息在资本市场中的估值作用。

关键词: 减排承诺, 股票回报, 市场估值

Abstract: Enterprises are the main body of action to achieve the goal of carbon peak and carbon neutrality, and the emission reduction commitment provides an important reference for investors to observe the future emission reduction situation of enterprises. However, the existing studies mainly focus on the historically disclosed information, such as ESG and CSR, ignoring the impact of forward-looking information such as emission reduction commitment on enterprise evaluation. Based on this, the relationship between emission reduction commitment and stock return is investigated by taking Chinese enterprises that publicly disclosed questionnaires in CDP as samples. The results show that enterprises’ emission reduction commitments can effectively reduce the stock return required by investors, and reveal the enabling effect of emission reduction commitment on market valuation. The analysis of the mechanism and heterogeneity reveals that the emission reduction commitment can affect stock returns by providing future incremental information, alleviating information asymmetry and reducing corporate risks. And the degree of the impact varied with the intensity of regional environmental regulations, the level of corporate carbon emissions and the confidence level of such commitments. Further study reveals that the emission reduction commitments of enterprises have industrial spillover effects, which can significantly improve the level of information disclosure of the emission reduction commitment of the competitors in the same industry. The analysis of the economic consequences reveals that the emission reduction commitment can not only effectively constrain the subsequent emission reduction behavior of enterprises, but also help to expand the scale of subsequent equity financing with the reduced capital costs brought about by the emission reduction commitment. Therefore, the management should actively disclose the emission reduction commitment, so as to keep its word and keep its promise. The government departments should also standardize information disclosure standards and give full play to the valuation role of the forward-looking information in the capital markets.

Key words: emission reduction commitments, stock returns, market valuation

中图分类号:

F832.5

程宏伟, 冯艺. 企业减排承诺的市场估值效应：赋能还是负能[J]. 当代财经, 2024, 0(3): 70-82.

CHENG Hong-wei, FENG Yi. Market Valuation Effect of Enterprises’ Emission Reduction Commitments: Empowerment or Negative Empowerment[J]. Contemporary Finance & Economics, 2024, 0(3): 70-82.

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