金融学院知识库

  2018年，联合国政府间气候变化专门委员会在“关于全球升温高于工业化前水平1.5℃的影响”特别报告中提出，到2030年全球人为二氧化碳净排放量必须比2010年的水平减少约45%，到2050年左右实现“净零”排放。而作为全球气候议题最积极的参与者与绿色可持续发展理念最坚定的支持者，我国始终积极响应联合国号召，并不断为全球气候治理贡献着中国智慧。从1998年我国积极签署《〈联合国气候变化框架公约〉京都议定书》，到2020年习近平主席提出“双碳”目标，以及2022年二十大报告指出“加快以绿色化、低碳化为显著特征的绿色转型”，我国对“低碳”、“绿色”、“创新”的呼吁和重视程度有目共睹。二十大报告还表明，绿色经济已成为全球产业竞争制高点。在此大背景下，企业作为市场经济的微观主体，其社会责任的践行、碳信息披露以及创新投入程度等都成为了利益相关者和学术研究关注的重点。

  因此，本文在大量归纳和梳理了相关研究文献之后，以沪深两市A股重污染行业上市公司为研究对象，通过对其2016-2021年的相关数据进行分析，在构建碳信息披露水平评价指标的基础上，以信号传递理论、信息不对称理论等理论为指导，创新性地探究了重污染上市公司碳信息披露水平、创新投入与股票收益之间的相关关系。基准回归结果表明重污染上市公司的碳信息披露水平、创新投入分别与股票收益存在显著的正相关关系，但在现行市场条件下，创新投入对碳信息披露水平与股票收益之间的关系无显著的调节作用。而异质性分析结果进一步表明，对于国有制和非国有制企业而言，碳信息披露水平对其股票收益的影响无明显差异，但创新投入对股票收益的影响存在差异；在高碳排放企业中，碳信息披露水平与创新投入均会正向显著影响股票收益，但在低碳排放企业中二者的影响均不显著。本文剖析了实证结果及分组回归存在差异的原因，并基于所有检验结果和分析，在最后分别对政府、企业和投资者提出了具体的对策建议，以期助力提升资本市场的有效性及实现良性循环。

  The IPCC proposed in its 2018 special report "On the impact of global warming above 1.5°C above pre-industrial levels" that by 2030, global net anthropogenic carbon dioxide emissions must be reduced by about 45% from 2010 levels, and "net zero" emissions must be achieved around 2050. As the most active participant in global climate issues and the staunchest supporter of the concept of green and sustainable development, China has always continuously contributed Chinese wisdom to global climate governance. From China's active signing of the Kyoto Protocol to the United Nations Framework Convention on Climate Change in 1998, to President Xi Jinping's proposal of "Carbon peaking" and "Carbon neutral" goals in 2020, and the report of the 20th National Congress in 2022 pointing out that "accelerating the green transformation with green and low-carbon as the distinctive features", China's call and attention to "low-carbon" and "green innovation" are obvious to all. The report of the 20th National Congress also shows that the green economy has become the commanding height of global industrial competition. In this context, as the micro-subject of the market economy, the practice of social responsibility, carbon information disclosure and investment in innovation have become the focus of stakeholders and academic research.

  Therefore, after summarizing and sorting out a large number of relevant research literature, and on the basis of constructing carbon information disclosure level evaluation indicators, guided by theories such as the signal transmission theory and the information asymmetry theory, this paper innovatively explores the correlation between the carbon information disclosure level, innovation investment and stock income of heavily polluting listed companies in Shanghai and Shenzhen through the analysis of relevant data from 2016 to 2021. The results of regression showed that there was a significant positive correlation between the carbon information disclosure level and innovation investment of heavily polluting listed companies and stock returns, but innovation investment did not have a significant moderating effect on the relationship between carbon information disclosure level and stock returns. The results of heterogeneity analysis further show that for state-owned and non-state-owned enterprises, there is no obvious difference in the impact of carbon information disclosure level on their stock returns, but there are differences in the impact of innovation investment on stock returns. Among high-carbon emission enterprises, the level of carbon information disclosure and innovation investment will positively and significantly affect stock returns, but in low-carbon emission enterprises, the impact of both will not be significant. This paper analyzes the reasons for the differences in empirical results and group regression, and based on all the test results and analysis, makes specific enlightenment suggestions for regulators, enterprises and investors, so as to help improve the effectiveness of the capital market and achieve a virtuous circle in the market.