Using the sample of China's A-share listed companies with high carbon emissions from 2011 to 2021,the paper constructs a database for greenhushing disclosure and investigates the relationship between corporate greenhushing and the carbon risk premium.The main conclusions are as follows.(1)Corporate greenhushing can effectively hedge the carbon risk premium.The higher the degree of greenhushing,the more the carbon risk premium can be suppressed.(2)Greenhushing hedges carbon risks by reducing pressure on market concerns and improving the level of external debt financing.The risk hedging effect of greenhushing varies with the level of carbon emissions,market competition intensity,and the pressure to change environmental policies.(3)Greenhushing has an industry pass-through effect that exacerbates the carbon risk premium of competitors in the same industry.This shows that greenhushing disclosure is a self-interested behavior of enterprises to transfer internal risks to cope with externalities,and there should be vigilance and prevention of the spread of greenhushing among enterprises to reduce the systemic carbon risk in society.This study complements and develops the research on corporate greenhushing and the carbon risk premium.
万方数据
维普
