企业作为碳排放的主要主体,如何降低其碳排放一直都是学界探讨的重点。然而,当前研究未回答“他们为何排放”这一问题。文章基于2008—2022年沪深A股上市公司数据,探讨企业预期业绩参考点依赖对碳排放的影响,回答了企业“为何排放”“他们是谁”的问题。研究发现:(1)由于企业普遍具有预期业绩参考点依赖特征,所以企业的碳排放强度会受预期业绩参考点依赖的影响,这回答了“为何排放”;而“他们”则是实际业绩低于预期业绩参考点的企业,这些企业为追逐预期业绩参考点,便会增加碳排放强度。(2)预期业绩参考点依赖主要是通过损失厌恶与风险偏好机制对碳排放强度产生影响,具体表现为增加了企业研发投入与寻租、降低了绿色创新与环保投入。(3)预期业绩参考点依赖的影响在企业产权性质、行业污染特征及地区环境规制强度层面存在异质性。(4)进一步分析表明,企业使实际业绩回到预期业绩参考点的原因在于增加市值及缓解碳排放强度带来的不良经济后果;同时,相较于“向后看”的行业—历史业绩参考点依赖而言,企业会更在意“向前看”的预期业绩参考点依赖。文章的结论有利于加深对企业碳排放行为的认识,能为促进中国双碳目标的实现提供更具有针对性的对策建议。
他们为何排放?——预期业绩参考点依赖对企业碳排放的影响研究
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张柯, 钱晶, 方时姣. 他们为何排放?*——预期业绩参考点依赖对企业碳排放的影响研究[J]. 财经研究, 2024, 50(9): 94-108.
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