碳信息披露的价值效应：环境监管的调节作用

本文通过构建多层线性模型分析了地区层次的环境监管因素对企业层次的上市公司碳信息披露价值效应的影响。研究发现，在碳信息披露与企业价值的U型关系中，环境监管具有调节作用，良好的环境监管有助于增强企业碳信息披露与企业价值的正向关系。且本文进一步研究发现，相比非国有企业，良好的环境监管对国有企业更能增强企业碳信息披露与企业价值的正向关系。同一环境监管水平下，国有企业比非国有企业更有利于偏向企业碳信息披露与企业价值的正向关系。本研究丰富了环境监管和碳信息披露的经济后果领域的文献，并为企业在不同环境监管水平下，充分提升碳信息披露水平与提高企业价值，以及为政府的相关环境监管建设，促进低碳经济发展提供启示。

Firm Value Effects on Carbon Disclosure: The Regulatory Role in Environmental Supervision

This paper analyzes the effects of environmental regulatory factors at the regional level on the value of carbon disclosure of listed firms by constructing a hierarchical linear model. It is found that the environmental supervision has a regulatory role in the U-shaped relationship between carbon disclosure and firm value. A good environmental supervision helps to strengthen the positive relationship between carbon disclosure and firm value. Moreover, this paper further finds that in comparison with non-state owned enterprises, a good environmental supervision on state-owned enterprises can strengthen the positive relationship between carbon disclosure and firm value. Under the same environmental supervision, the state-owned enterprises are more conducive to the positive relationship between carbon disclosure and firm value than the non-state owned enterprises. This study has enriched the literature on the environmental supervision and the economic consequences of carbon disclosure. It also provides useful references not only to firms for fully enhancing the level of carbon disclosure and escalating their firm value under different environmental supervision, but also to the governments at various levels for building up an environmental regulatory system and promoting the development of low-carbon economy.