【作者】 张伟；

【导师】 龙成凤； 张博；

【作者基本信息】 华北电力大学(北京) ， 会计硕士（专业学位）， 2023， 硕士

【摘要】 过量的二氧化碳排放会产生全球气候变暖和温室效应等环境问题,对全球气候造成不良的影响,如何减少碳排放成为了全球性议题。“双碳”目标将带动巨大规模的资金进入低碳领域,对企业的气候信息披露提出了更高要求。我国电力行业的是碳排放量占比最高的行业,其中火力发电行业污染严重,是电力行业中最主要的碳排放源头,对火力发电行业进行碳排放的控制和管理就显得格外重要。碳信息披露作为揭示企业节能减排、低碳管理能力的有力工具,与企业、社会的发展都息息相关。国内外学者的研究发现,企业碳信息披露与企业价值之间存在一定的相关性,但研究大多都采用大样本的实证方法研究,通过分析具体案例公司的碳信息披露对企业价值影响的研究较少。因此,本文选取火力发电行业中具有代表性的上市公司,大唐发电作为研究对象,采取案例研究法和事件研究法研究公司碳信息披露对企业价值的影响。本文首先对碳信息、碳信息披露和企业价值等核心概念进行界定,并基于信号传递理论、有效市场假说和利益相关者理论,对碳信息披露、碳信息披露与企业价值相关的文献进行梳理。其次,本文对大唐发电及其行业的碳信息披露情况进行深入分析。再次,本文基于本文在碳信息披露对企业价值的影响路径分析中发现,碳信息披露可以通过减少潜在的处罚成本、获得政策支持带来的奖励、获取额外的低碳收益和吸引消费者选择,进而增加预期未来现金流量;碳信息披露可以通过影响投资者的预测风险和提高股票流动性,进而降低企业资本成本,进而影响企业价值。本文在碳信息披露对企业价值的影响结果分析中发现,大唐发电碳信息披露对企业价值产生显著的正向影响。结合研究发现,针对大唐发电碳信息披露工作存在问题,本文基于公司内部角度,从确保碳信息披露的可靠性、构建碳信息披露框架和发布碳信息披露独立报告三个方面提出了改进建议,以提高大唐发电碳信息披露质量。本文深入研究案例企业碳信息披露对企业价值的影响,有利于拓展和深化碳信息披露对企业影响的相关理论,具有重要的理论意义。此外,伴随着中国企业财务目标向着价值最大化方向转变,企业价值最大化已经成为了企业在制定自身发展战略时的一个重要因素。研究碳信息披露对企业价值的影响,能够从实践的角度对提高和改善火力发电企业碳信息披露工作有一定的指导作用,可以起到鼓励企业加入低碳行列的积极作用,具有较强的现实意义。更多还原

【Abstract】 Excessive carbon dioxide emissions can cause environmental problems such as global warming and greenhouse effect,which have a negative impact on the global climate.How to reduce carbon emissions has become a global issue.The dual carbon goal will drive a huge amount of funds into the low-carbon field,posing higher requirements for climate information disclosure by enterprises.The power industry in China has the highest proportion of carbon emissions,among which the thermal power generation industry has severe pollution and is the main source of carbon emissions.Therefore,it is particularly important to control and manage carbon emissions in the thermal power generation industry.Carbon information disclosure,as a powerful tool to reveal the energy-saving,emission reduction,and low-carbon management capabilities of enterprises,is closely related to the development of enterprises and society.Research by domestic and foreign scholars has found that there is a certain correlation between corporate carbon information disclosure and corporate value.However,most studies use empirical methods with large samples,and there is relatively little research on the impact of carbon information disclosure on corporate value by analyzing specific case companies.Therefore,this paper selects Datang Power Generation,a representative listed company in the thermal power industry,as the research object,and adopts the case study method and event study method to study the impact of corporate carbon information disclosure on corporate value.This article first defines core concepts such as carbon information,carbon information disclosure,and corporate value.Based on signal transmission theory,efficient market hypothesis,and stakeholder theory,it sorts out literature related to carbon information disclosure,carbon information disclosure,and corporate value.Secondly,this article conducts an in-depth analysis of the carbon information disclosure situation of Datang Power Generation and its industry.Once again,based on the discounted cash flow model,this article analyzes the impact path of carbon information disclosure on enterprise value,and explores the impact of carbon information disclosure on expected future cash flows and capital costs of Datang Power Generation.Finally,through the event study method,the impact of Datang power generation carbon information disclosure on enterprise value is analyzed in depth.In the analysis of the impact path of carbon information disclosure on corporate value,this article finds that carbon information disclosure can increase expected future cash flow by reducing potential penalty costs,obtaining additional low-carbon benefits from policy support,and attracting consumer choices;Carbon information disclosure can reduce the cost of capital for enterprises and thereby affect their value by influencing investors’ predictive risk and improving stock liquidity.In the analysis of the impact of carbon information disclosure on corporate value,this article found that Datang Power’s carbon information disclosure has a significant positive impact on corporate value.Combined with the research findings,in view of the problems in the carbon information disclosure of Datang Power Generation,based on the internal perspective of the company,this paper puts forward suggestions for improvement from three aspects:ensuring the reliability of carbon information disclosure,building a carbon information disclosure framework,and issuing an independent report on carbon information disclosure,so as to improve the quality of carbon information disclosure of Datang Power Generation.This article delves into the impact of carbon information disclosure on corporate value in case studies,which is beneficial for expanding and deepening the relevant theories on the impact of carbon information disclosure on enterprises,and has important theoretical significance.In addition,with the financial goals of Chinese enterprises shifting towards value maximization,maximizing enterprise value has become an important factor in formulating their own development strategies.Studying the impact of carbon information disclosure on corporate value can provide guidance from a practical perspective to improve and enhance the carbon information disclosure work of thermal power generation enterprises.It can also play a positive role in encouraging enterprises to join the low-carbon ranks and has strong practical significance.更多还原