Management School, Hainan University, Haikou, China.
Environ Sci Pollut Res Int. 2023 Jun;30(29):74327-74339. doi: 10.1007/s11356-023-27579-w. Epub 2023 May 19.
Under the background of peaking carbon neutralization, it is a significant and fresh proposition to investigate the economic benefits of carbon disclosure (CD) in the Chinese market. By taking all listed enterprises as a sample (2009-2020), this paper firstly empirically analyzes the impact of enterprise CD on stock price synchronization and the indispensable role played by analysts in between. The results indicate that (1) enterprise CD is conducive to reduce stock price synchronization, confirming the accuracy of government mandatory CD system and the effectiveness of voluntary enterprise CD project. (2) Analysts play the role of "information scouts" and have a mediating effect between enterprise CD and stock price synchronization. (3) Analysts play the role of "analysis commentators," and analyst rating has a moderating effect between enterprise CD and stock price synchronization. (4) In further analysis, analysts will mobilize investors' positive investment sentiment, but only when the analyst rating upgrades or remains unchanged.
在碳达峰背景下，研究中国市场碳披露（CD）的经济效益是一个重要而新颖的命题。本文以全部上市公司为样本（2009-2020 年），首先实证分析了企业 CD 对股价同步性的影响，以及分析师在其中发挥的不可或缺的作用。结果表明：（1）企业 CD 有利于降低股价同步性，证实了政府强制 CD 制度的准确性和自愿企业 CD 项目的有效性。（2）分析师发挥“信息侦察员”的作用，在企业 CD 和股价同步性之间具有中介效应。（3）分析师发挥“分析评论员”的作用，分析师评级在企业 CD 和股价同步性之间具有调节效应。（4）进一步分析表明，分析师将调动投资者的积极投资情绪，但仅当分析师评级上调或保持不变时才会如此。
