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在全球气候变化的严峻形势下,低碳发展已成为世界各国政治经济发展的关键词之一。在此背景下,企业的低碳发展战略能否、何时能够帮助其提升财务绩效已然成为企业关注的焦点。为了考察企业碳绩效与财务绩效的相关性,本文以CDP报告中英国富时350企业的相关数据为样本进行实证检验。结果表明:短期内企业碳绩效与财务绩效呈负相关关系,即企业提升碳绩效的努力在短期内还无法被市场认可,但这种关系仅在使用Tobin's Q比率作为财务绩效指标时成立;尽管呈负相关关系,而前期碳绩效对后期财务绩效的影响却是显著的,反之亦然。
Abstract：The heated concern about the aggravation of global greenhouse effect and its potential consequences can be traced back to the 19 th century.This study examines the short-term relationship between corporate carbon performance(CCP)and its financial performance(CFP)of firms listed in the FTSE350 index.Firstly,the paper uses the CCP and CFP data in the same year to test the basic relationship between CCP and CFP.Secondly,year lag has been applied in the model to find out whether there exists a causality relationship between CCP in previous year(s)to later-on CFP or vice versa.The results show that a negative relationship between CCP and CFP exists in all the five years from 2011to2015.Thus,a firm with a better CCP may not indicate it has better financial performance in the short term.In addition,although with a negative relationship,a firm's CCP in previous one or two years plays statistically significant roles in affecting its later-on CFP,which indicates the causality relationship from CCP to CFP,vice versa.These results reveal the fact that at present,efforts paid by the firms to improve CCP have not been recognized by the market in short term.
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(1)由于CPLI采用的是等级式评价,即将企业碳绩效水平划分为A、A-、B、C等。根据CDP报告说明文件,当一个企业满足以下所有条件时才可获得A等:(1)在CDP碳绩效评价系统中获85分以上;(2)识别和报告直接排放量(Scope 1)与能源间接排放量(Scope 2)有效且准确;(3)在过去一年中碳减排成效明显。若只满足分值要求,不满足其他要求,则获A-等。
(1)根据Busch等(2011)的区分,九大重污染行业及其国际标准行业分类号如下:采矿与建筑(SIC码:1000-1799),纺织与造纸(SIC码:2000-2799),化工(SIC码:2800-3199),基本材料与金属(SIC码:3200-3399),机械与电子(SIC码:3400-3699和3800-3999),运输制造(SIC码:3700-3799),运输(SIC码:4000-4899),原油与天然气开采(SIC码:4900-4929)和水利、电力与能源(SIC码:4931-4999)。
基本信息:
DOI：10.16493/j.cnki.42-1627/c.2017.05.004
中图分类号:F275;F831.51;X322
引用信息:
[1]周志方,肖恬,曾辉祥.企业碳绩效与财务绩效相关性研究——来自英国富时350指数的证据[J],2017,17(05):32-43.DOI:10.16493/j.cnki.42-1627/c.2017.05.004.
基金信息:
国家自然科学基金青年项目“基于工业生产领域的企业循环经济价值流分析方法及应用”(2017JJ3399);; 湖南省研究生科研创新项目“环境管理会计‘物质流-价值流-组织’三维模型研究”(CX2016B036);; 中南大学研究生自主探索创新项目“企业碳业绩与财务绩效的相关性研究”(2016zzts202)