An Empirical Research On The Market Reaction To The Disclosure Of Carbon Accounting Information

Reacting to the increasing global environmental problems, governments have issued low-carbon policies to develop the low-carbon economy. This paper focuses on the carbon in the enterprise information disclosure, to study the market reaction to the carbon accounting information disclosure of listed companies in China. Based on the environmental accounting information disclosure, this article embarks from the existing related research results home and abroad. By separately setting up the evaluation index for carbon accounting information disclosure and the market reaction, we find out the inner connection by the method of empirical research.With2011A-share listed companies in our country as samples, this article selects the performance score of carbon information disclosure of listed companies as the independent variable, and annual average excess return of the listed company as the dependent variable. Firstly, the article constructs a suitable system to grade the disclosure of carbon accounting information on the basis of CDP questionnaire, and the statistical analysis that groups by high carbon pollution industry finds that high carbon pollution industry on average gained less excess yields than other industries, while the market reaction effect of the low carbon pilot areas is not obvious by then. Secondly, by the variable correlation test and regression analysis, the study confirmed that the higher level of the disclosure of carbon accounting information, the higher average excess yields they gained.The whole research shows that the level of the disclosure of carbon accounting information has the positive correlation with its capital market average excess yields, and the capital market can recognize the high carbon pollution industries; Finally, on the basis of the complete logical framework of the whole research, the paper reveals the relationship between the enterprise, government and investors connecting by the capital market. In the end, the paper put forward reasonable suggestions respectively from three aspects, in order to push the government to standardize the disclosure system for carbon accounting information, and lead enterprises onto an environment-friendly developing path. Thus, the research can help promote the development of national energy conservation and emissions reduction policies.