Research On The Influence Mechanism Of Carbon Information Disclosure Quality On Enterprise Value Creation Based On ESG Concept

The global climate problem and the outbreak of the COVID-19 have made the world further reflect on the relationship between human and nature,and the ESG concept of pursuing sustainable economic development has gradually become the consensus of all mankind.The scope of enterprise value creation extends from economic value to external environment and social value.ESG requires enterprise managers to give consideration to economic,social and environmental benefits and provide information on social and environmental responsibilities and performance to meet the needs of stakeholders.As a forward-looking environmental information,carbon information is not only an important means for enterprises to achieve carbon accounting and enhance carbon emission reduction management,but also an important hand for government environmental regulation.Its disclosure quality is directly related to the effectiveness of decision-making and the scientific nature of macro-control.Although China has issued a series of laws and regulations to regulate carbon information disclosure,from the practical effect,the carbon information disclosure under external pressure appears a strange phenomenon of "refusing to return".The value function of information disclosure is difficult to reflect,which inhibits the enthusiasm of enterprise disclosure.Information quality is the basis of information value,and scientific evaluation standard is the core of quality evaluation.China still lacks a clear and unified carbon information quality evaluation standard,which leads to the evaluation trend of "winning by quantity" or replacing carbon information with accounting information quality characteristics.Therefore,in order to achieve sustainable development and promote the continuous improvement of enterprise value,we must think about and solve the real dilemma of "insufficient internal power" and "weak external system" faced by carbon information disclosure.This puts forward research requirements for deeply revealing the value connotation of the quality of carbon information disclosure,improving the evaluation method of carbon information disclosure quality and mining the guarantee mechanism for improving the quality of carbon information disclosure.For this reason,this paper has carried out targeted research,and the innovative work conclusions are as follows:(1)Defining the connotation of enterprise value creation based on ESG value management conceptThis paper defines enterprise value creation from the perspective of ESG as long-term value creation that meets the requirements of sustainable development and is shared by stakeholders,including economic value,social value and environmental value.The basic elements of enterprise value creation come from the capital investment of stakeholders.To realize the sustainability of value creation,we must protect the rights and interests of stakeholders and adhere to the fair sharing value distribution mechanism,so as to gain the trust of stakeholders and provide protection for enterprise value creation.Enterprise operation depends on and affects the external environment.In the process of value creation from the perspective of ESG,economic profit,social responsibility and environmental protection should be taken into account.In order to eliminate the negative impact of enterprise activities on the external environment and promote more positive impact,it is necessary to comprehensively analyze the social value and environmental value created by enterprises from both positive and negative aspects.As for the measurement of enterprise value creation,due to the public attribute of environment and social resources,it is difficult to clarify its property rights,resulting in the difficulty of value measurement.According to “Pigou tax” and “Coase theorem”,the external value or loss created by the enterprise is transformed into the internal financial value of the enterprise to realize the organic integration of environmental value,social value and economic value.(2)Constructing the theoretical framework of the value transmission mechanism of carbon information disclosure in multi-agent target systemThis paper innovatively constructs a theoretical framework covering multistakeholder and multi-path value transmission mechanism,with the goal of maximizing the shared value of stakeholders as the goal,constructs a value system of balancing multi-principal objectives of carbon information disclosure,and analyses the impact of carbon information disclosure on the creation of enterprise’s comprehensive value through its behavior feedback after receiving information under the condition of meeting and balancing the value objectives of investors,the public and consumers.It clearly depicts the process of the transformation of carbon information disclosure from interactive mechanism to value mechanism,shows the important role of stakeholders in value creation,reflects the external co-evolution of value creation motivation,and value creation is more dependent on the interaction between enterprises and external stakeholders.The research finds that high-quality carbon information disclosure promotes enterprise value creation through multiple paths: improving investor relations,improving market liquidity and reducing financing costs,promoting enterprise value creation;Create and strengthen the "green reputation" of enterprises by improving social public relations to gain competitive advantage;Improve customer satisfaction and achieve stable cash flow by improving consumer relations.This innovative theoretical framework can more profoundly reveal the important value connotation of carbon information disclosure,enable business managers to better understand the importance of improving the quality of carbon information disclosure,and has important significance to alleviate the problem of "internal power shortage" of carbon information disclosure in China.(3)Establishing a carbon information disclosure quality evaluation system based on the carbon information needs of stakeholdersAs an interactive medium between enterprises and external stakeholders,the quality of carbon information determines the effect of enterprise managers to balance the value objectives of all stakeholders,and then affects the output performance of enterprise value.Therefore,based on the information quality characteristics and disclosure content to meet the decision-making needs of stakeholders,this paper designs observation questions and conducts a questionnaire survey.According to the exploratory factor test results,the quality evaluation system of carbon information disclosure is established and the quality evaluation index is constructed.The size of the index comprehensively reflects the degree to which the carbon information disclosed by the enterprise meets the decision-making needs of stakeholders.The larger the index,the higher the degree of satisfaction,that is,the higher the quality of carbon information disclosure.The evaluation system is further integrated with text mining technology to improve the efficiency of information evaluation.The evaluation system established in this paper will help guide enterprises to establish and improve the carbon emission management and disclosure system,and provide a useful reference for the construction of China’s carbon information disclosure framework.(4)Studying the moderating effect of internal control on the value transmission of carbon information disclosure quality in a multi-agent target systemInnovatively incorporate internal control into the value system of carbon information disclosure balance multi subject goals,build a theoretical model of multiple parallel mediation effects with regulation,and examine the impact of internal control on multiple value paths of carbon information disclosure quality in the system from the perspective of corporate governance.The study found that the behavioral value increase of different stakeholders in the system after receiving carbon information will be regulated by different directions of internal control: for investors,high-quality internal control has a positive regulatory role,and has a negative regulatory role for consumers and the public.Through the research,it deeply revealed the complementary governance mechanism of internal control to external systems,which is conducive to the differential improvement of internal control construction by enterprise managers,and more effectively play the role of internal control as the "glue" in external pressure and internal management,so as to maximize the value effect of carbon information disclosure quality.This study is of great significance to alleviate the problem of "weak external system" of China’s carbon information disclosure quality.