碳信息披露对制造业企业绿色全要素生产率的影响研究

doi:10.13776/j.cnki.resourcesindustries.20250901.001

摘要/Abstract

摘要： 碳信息披露有助于减少上市公司与其利益相关者之间的信息不对等，在制造业企业绿色转型中发挥监督作用，从而倒逼制造业企业减轻环境污染、提升能源效率。绿色全要素生产率（GTFP）将能源消耗与环境污染同时纳入核算框架，是衡量制造业企业高质量发展的表征指标。然而，在制造业企业层面，碳信息披露与绿色全要素生产率的关系尚未完全揭示清楚。基于此，本研究选取2012—2022年制造业A股上市公司为样本，通过构建多期双重差分模型（多期DID模型）和双向固定效应模型，深入剖析碳信息披露对中国制造业企业绿色全要素生产率的影响及其作用机制。主要研究发现，碳信息的充分披露对于制造业企业绿色全要素生产率的增长产生了显著的正向促进作用。这种正面效应主要源于对制造业企业绿色技术创新能力的提升以及对融资约束的有效缓解。此外，碳信息披露还显著促进了绿色技术效率与绿色技术进步的提升。基于研究结果，提出政府应完善碳信息披露制度并推动制造业企业提升披露质量、积极缓解制造业企业融资约束、将深化碳信息披露与制造业企业绿色管理相融合等政策建议。

关键词: 碳信息披露, 绿色全要素生产率, 双重差分法, 绿色技术创新, 绿色技术效率, 制造业企业

Abstract: Carbon information disclosure can help reduce unequal information between listed companies and their stakeholders, and plays a supervising role amid manufacturing's green transformation which makes manufacturing to relieve environmental pollution and raise energy efficiency. Green total factor productivity (GTFP) incorporates energy consumption and environmental pollution together to mark the quality development of manufacturing; however, carbon information disclosure remains unclear with GTFP in manufacturing. This paper uses 2012 to 2022 A-listed manufacturing companies to establish multiple-phased difference-in-differences (DID) model and bidirectional fixed effect model, which is employed to study the impacts and mechanism of carbon information disclosure on Chinese manufacturing's GTFP. Full carbon information disclosure plays an outstandingly positive role for the growth of manufacturing's GTFP, mainly by rising technical innovation and by relieving financing constraints. Moreover, carbon information disclosure largely promotes green technical efficiency and advances. This paper presents suggestions on improving carbon information disclosure system to increase disclosure quality, mitigating manufacturing's financing constraints, and combining carbon information disclosure with manufacturing's green management.

Key words: arbon information disclosure, green total factor productivity, difference-in-differences, green technical innovation, green technical efficiency, manufacturing

中图分类号:

F062.9

刘思涵, 蔡林美. 碳信息披露对制造业企业绿色全要素生产率的影响研究[J]. 资源与产业, 2025, 27(6): 107-117.

LIU Sihan, CAI Linmei. IMPACTS OF CARBON INFORMATION DISCLOSURE ON MANUFACTURING'S GREEN TOTAL FACTOR PRODUCTIVITY[J]. Resources & Industries, 2025, 27(6): 107-117.

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