Digital Transformation, Market Attention and Corporate Carbon Information Disclosure
Yu Chunjiao, Tang Wei
摘要：数字化绿色化协同发展是推动经济社会全面绿色低碳转型的重要抓手，而提升企业碳信息披露质量是促进企业碳减排的关键环节。本文运用双向固定效应模型考察了工业企业数字化转型对其碳信息披露的影响。研究发现，企业数字化转型能够显著提升其碳信息披露质量，在经过一系列稳健性检验后结论保持不变。机制分析表明，市场关注度是企业数字化转型提升其碳信息披露质量的一个重要作用机制，进一步从分析师、投资师、媒体和机构四个维度测度了企业市场关注度指标，论证了市场关注度这一中介效应的稳健可靠。拓展性研究显示，企业数字化转型对机构关注度的影响以及机构关注度对企业碳信息披露的影响在数字经济欠发达地区、重污染行业呈现出显著的差异。本文拓展了数字化转型对企业碳信息披露的影响机制研究，为更好发挥市场监督作用、促进绿色低碳发展提供了经验参考。
关键词：数字化转型；市场关注度；碳信息披露；碳减排
Abstract: Digitalization and greening synergistic development is an important approach for comprehensive green and low-carbon transformation of the economy and society, while improving the quality of corporate carbon disclosure is a key link in promoting corporate carbon emission reduction. This paper examines the impact of industrial enterprises' digital transformation on their carbon disclosure using individual fixed-effects model. It is found that corporate digital transformation can significantly enhance the quality of their carbon disclosure, and the conclusion remains unchanged after a series of robustness tests. Mechanism analysis shows that market attention is an important mechanism of action for corporate digital transformation to enhance the quality of carbon disclosure, and corporate market attention indicators are measured from four dimensions: analysts, investors, media, and institutions, arguing for the robustness and reliability of the mediating effect of market attention. The extended study shows that the effect of corporate digital transformation on institutional attention and the effect of institutional attention on their carbon disclosure show more significant differences in less developed areas of the digital economy, and heavily polluting industries. This paper extends the research on the impact mechanism of digital transformation on corporate carbon information disclosure, which provides empirical references for better playing the role of market supervision to promote green and low-carbon development.
Keywords: Digital Transformation; Market Attention; Carbon Information Disclosure; Carbon Emission Reduction
基金项目：国家社会科学基金项目“亚太区域数字贸易规则对服务价值链贸易的影响及中国对策研究”（23BJL054）。
