I 企业碳行为的产品市场效应研究 摘要 气候变化已经对人类的可持续发展构成了严重威胁，过去高消耗、高排放 的经济发展模式难以为继。企业积极部署碳减排工作不仅是推动我国经济转型 升级的必经之路，也是为促进人类可持续发展必须担负的责任。本文在梳理国 内外相关文献的基础上，建立包括企业发展理念、内部流程管理、碳减排技术 积累与碳规制遵循情况四个方面的企业碳行为指标评价体系。通过对企业年度 报告、社会责任报告等公开信息进行搜集、整理，共获取2016-2018年717个重 污染行业Ａ股制造业上市公司有效样本，提出假设，构建模型，借助SPSS24.0 软件对企业碳行为的产品市场效应进行了回归检验，并进行了稳健性检验，模 型具有较好的拟合效果。结果显示四项研究假设均得到验证，即企业绿色低碳 导向的发展理念、绿色低碳导向的内部流程管理、良好的碳减排技术积累、良 好的碳规制遵循情况都会引起产品市场的正面反应，有助于企业在产品市场上 获取竞争优势。同时发现大型企业、国有企业、存续时间长的企业因具备更强 的社会责任意识，愿意实施积极碳行为，产品市场效应更加明显。建议政府应 加强碳规制政策创新，完善企业创新补偿路径，有针对性地加大政府补贴力 度，应加快企业碳会计准则的制定，从而提高企业碳信息披露的规范性，打通 产品市场反应信号传递的链条，激励企业以技术创新推进碳减排。 关键词：企业碳行为，碳信息披露，产品市场效应 Abstract II Research on the Product Market Effect of Enterprise Carbon Behavior Abstract Climate change has got a serious threat to the sustainable development of humanity, and high-consumption, high-emission economic development method in the past is unsustainable. Devoting to carbon emission reduction is not only the effective mode to promote China's economic transformation and upgrading, but also the responsibility that must be taken to promote sustainable development of humanity. Based on the review of relevant domestic and foreign literatures, this paper establishes an evaluation system for corporate carbon behavior indicators including four aspects: enterprise development philosophy, internal process management, accumulation of carbon emission reduction technology, and carbon regulatory compliance. By collecting and sorting public information such as the company ’s annual report and social responsibility report, a total of 717 effective samples of A-share manufacturing companies in the heavily polluting industry from 2016 to 2018 were obtained, and then propose hypotheses, construct models. With the help of SPSS 24.0 software, The product market effect of carbon behavior has been tested by regression and robustness test, and the model get a great fitting effect. The results show that the four research hypotheses have all been verified, the enterprise's green and low-carbon-oriented development concept, green and low-carbon-oriented internal process management, great accumulation of carbon emission reduction technology, and favourable carbon regulation compliance will all cause positive reactions in the product market. To help companies gain a competitive advantage in the product market. At the same time, it was found that large-scale enterprises, state-owned enterprises, and long-term enterprises get more obvious product market effect, on account of having a stronger sense of social responsibility and being willing to implement positive carbon behavior. It is recommended that the government should strengthen carbon regulation policy innovation, improve the enterprise innovation compensation path, and increase Abstract III government subsidies in a targeted manner. It should speed up the formulation of corporate carbon accounting standards, thereby improving the standardization of corporate carbon information disclosure. It contributes to activate the product market response and then encourages enterprises to promote carbon emission reduction through technological innovation. Key words: Corporate carbon behavior, Carbon information disclosure, Product market effect 目 录 目 录 摘要 ......................................................................................................... I ABSTRACT ............................................................................................. II 第一章 绪论 ............................................................................................ 1 1.1 研究背景与意义 ................................................................................................. 1 1.1.1 研究背景 ....................................................................................................... 1 1.1.2 研究意义 ....................................................................................................... 1 1.2 研究内容与方法 ................................................................................................. 2 1.2.1研究内容 ........................................................................................................ 2 1.2.2研究方法 ........................................................................................................ 3 1.2.3技术路线 ........................................................................................................ 3 1.3研究创新 .............................................................................................................. 3 第二章 文献综述与理论基础 ................................................................ 5 2.1 文献综述 ............................................................................................................. 5 2.1.1 企业碳行为的内涵 ....................................................................................... 5 2.1.2 企业碳信息披露 ........................................................................................... 7 2.1.3企业碳行为的产品市场反应 ........................................................................ 9 2.2 理论基础 ........................................................................................................... 10 2.2.1 利益相关者理论 ......................................................................................... 10 2.2.2 信息不对称理论 ......................................................................................... 11 2.2.3信号传递理论 .............................................................................................. 12 2.2.4波特假说 ...................................................................................................... 12 2.2.5绿色竞争优势理论 ...................................................................................... 13 第三章 研究设计 .................................................................................. 15 3.1研究假设 ............................................................................................................ 15 3.1.1企业发展理念 .............................................................................................. 15 3.1.2内部流程管理 .............................................................................................. 15 3.1.3碳减排技术积累 .......................................................................................... 16 3.1.4碳规制遵循情况 .......................................................................................... 17 3.2变量设置 ............................................................................................................ 17 3.2.1解释变量 ...................................................................................................... 17 3.2.2被解释变量 .................................................................................................. 23 3.2.3控制变量 ...................................................................................................... 23 3.3模型构建 ............................................................................................................ 25 3.4样本选择 ............................................................................................................ 26 第四章 实证检验与分析 ...................................................................... 28 4.1描述性统计 ........................................................................................................ 28 4.1.1样本描述