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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2016年10月第22卷第5期
   
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文章编号:1672-3104(2016)05-0109-09
 
碳信息披露、财务透明度与委托代理成本
 
周志方1, 2,彭丹璐1,曾辉祥1
 
(1. 中南大学商学院,湖南长沙,410083;
2. 两型社会与生态文明协同创新中心,湖南长沙,410083)
 
摘  要: 在碳约束环境下,碳信息披露成为企业向市场传递信号的重要途径。以2010—2014年沪、深两市A股制造业上市公司为研究对象,基于委托代理理论,实证分析了碳信息披露与财务透明度之间的关系,以及碳信息披露对委托代理成本的影响及其作用机制。结果表明:提高碳信息披露水平可以降低隐性委托代理成本,且财务透明度也会随之减低,而财务透明度在碳信息披露和委托代理成本之间不具有显著的中介效应。
 
关键词: 碳信息披露;财务透明度;委托代理成本;制造业;上市公司
 
 
Carbon disclosure, financial transparency and agency cost
 
ZHOU Zhifang1, 2, PENG Danlu1, ZENG Huixiang1
 
(1. School of Business, Central South University, Changsha 410083, China;
2. Collaborative Innovation Center of Resource-conserving & Environment-friendly Society and Ecological Civilization, Central South University, Changsha 410083, China)
 
Abstract: Under the constraint of carbon emissions, carbon disclosure has become an important way to deliver signals to the market. Based on Principal Agent Theory and data from listed manufacturing corporations in China from 2010 to 2014, we empirically test the relationship between carbon disclosure and the financial transparency, and the effect of carbon disclosure on agency cost as well as its mechanism. Our results highlight that carbon disclosure is negatively associated with agency cost, nor is financial transparency. In addition, the financial transparency does not act as a mediator between carbon disclosure and agency cost.
 
Key words: carbon disclosure; financial transparency; agency cost; manufacturing industry; listed company
 
 
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