基于市场反应的企业碳信息披露问题研究
Research on Corporate Carbon Information Disclosure Based on Market Reaction

“双碳”目标背景下，企业碳信息披露作为环境会计的重要组成部分，也成为社会各界密切关注的热点。文章选取我国在2020年社会责任报告中进行碳信息披露的A股上市公司为研究样本，采用事件研究方法考察股票市场对企业碳信息披露事件的反应。发现企业进行碳信息披露会为其带来显著为正的异常收益率，且相比非重污染行业企业，市场参与者对重污染行业企业披露的碳信息更敏感，市场反应也更显著。最后分别从政府，企业，投资者三个层面提出合理化建议。文章的研究有助于促进企业科学开展碳信息披露，优化投资者合理决策，也为碳披露政策制定者提供一定的借鉴。
In the context of carbon peaking and carbon neutrality targets, corporate carbon information dis-closure has become a crucial aspect of environmental accounting and garnered significant attention from various stakeholders. This study focuses on A-share listed companies in China that reported carbon information in their 2020 social responsibility reports. The study employs the Event Study methodology to analyze the stock market’s response to corporate carbon information disclosure events. Research has shown that when enterprises disclose their carbon information, it can lead to significant positive abnormal yields. Additionally, market participants tend to be more sensitive to carbon information disclosed by enterprises in heavy-polluting industries and are more responsive to market changes than enterprises in non-heavy-polluting industries. Finally, recommendations are put forward by the three levels of government, enterprises, and investors. The research presented in this paper aims to promote the scientific implementation of carbon information disclosure by enterprises, optimize the decision-making process of investors, and provide guidance for policymakers involved in carbon disclosure.