中文摘要：

本文以碳信息披露项目（CDP）计算的企业碳信息披露评分来度量企业碳信息披露质量，重点考察碳信息披露质量价值相关性在发达国家和发展中国家之间是否存在显著差异。本文通过实证研究发现，公开碳信息披露能够显著的提升企业市场价值，而由于发达国家强制披露碳信息的政策削弱了自愿披露的效应，碳信息披露质量价值相关性在发展中国家比在发达国家更强。

英文摘要：

Using the Carbon Information Disclosure Score （CDLI）that calculated by Carbon Disclosure Project （CDP）to measure the quality of carbon disclosure the authors study whether the value relevance of the quality of carbon disclosure is sig- nificantly different between developed countries and developing countries. The authors find out that, disclosing carbon informa- tion publicly can significantly improve the market value. Moreover, due to the policy of mandatory disclosure of carbon informa- tion that have weakened the effect of voluntary disclosure in developed countries, the value relevance of the quality of carbon disclosure in developing countries is stronger than that in more developed countries.