低碳转型与企业价值——基于企业文本大数据的分析
Low-Carbon Transition and Firm Value:Analysis Based on Text Big Data
王道平 1沈欣燕 1范小云1
作者信息
摘要
低碳转型是企业应对气候变化的必然选择,也是实现我国经济高质量发展的必由之路.本文以 2007 至 2021 年中国上市企业为研究样本,利用文本分析技术构建了企业低碳转型指标,探究了低碳转型对企业价值的影响.研究发现,低碳转型对企业价值具有显著提升作用,这一正向影响在环境规制强度高的行业和区域中更为显著;低碳转型主要通过提升市场关注、提高生产效率、缓解融资约束、降低融资成本等渠道促进企业价值提升.本文结论对中国扎实推进绿色低碳发展具有参考价值,为推动实体企业向低碳转型提供了经验证据.
Abstract
From the perspective of the micro level,this paper constructs a variable to measure the low-carbon transition of Chinese A-share listed companies.From 2007 to 2021,the degree of low-carbon transformation of China's A-share listed companies has gradually deepened,and the number of companies participating in low-carbon transformation has gradually increased.Firms with larger sizes and higher profitabil-ity,and firms with significant carbon emissions are more likely to adopt low-carbon practices.Our empirical analysis shows that the low-carbon transition has a signif-icantly and positive effect on firm value.This effect is stronger for firms that face stricter environmental regulations.The increasing of market attention,improving of financing constraints,easing financing constraints and the reducing of financing costs are the plausible channels that low-carbon transition affects firm value.These findings offer valuable insights for promoting green and low-carbon development and provide empirical evidence supporting the transition of firms towards a low-carbon economy.
关键词
低碳转型/企业价值/绿色低碳发展/文本分析/大数据Key words
low-carbon transition/market value/green and low-carbon development/text analysis/big data引用本文复制引用
出版年
2024
NETL
NSTL
万方数据