Research On The Influence Of Carbon Information Disclosure On Financial Performance In Different Life Cycle

Economic globalization accelerates the social development,also brings global environmental problems.In recent years,China has made remarkable achievements in environmental governance,but the emission of greenhouse gas like carbon dioxide makes greenhouse effect being severer.The frequent haze and other severe weather reports alarms people.Therefore,how to decline carbon dioxide emission is the key issue for the government to deal with the contradiction between economic development and environment.Recently,China takes more measures gradually on enterprises’ carbon emission,with introducing more policies on energy conservation and emission reduction and developing low carbon economy.As the more and more popular policies,low carbon is becoming a popular living attitude.People keep focusing on enterprises transferring to low carbon style.Enterprises’ carbon information disclosure attracts wide and hot debate.As a result,this thesis seeks to increase the enterprises willingness of carbon information disclosure and provide fact support,by talking about the influences of carbon information disclosure to enterprises finance in different periods,from the source to stimulate enterprises to disclose carbon information.Therefore,the thesis starts from China’s basic situation,introducing the necessity of carbon information disclosure,intuitively analyzing the effects of carbon information disclosure on enterprise finance according to sustainable development theory,unsymmetrical signal theory,signal transmission theory and stakeholder theory,based on domestic and foreign literatures.Then the thesis analyzes the effects of carbon information disclosure on enterprise finance of listed companies in pollution industries.After that,the thesis follows Dickinson’s combination of cash flow method,partitioning the sample enterprises by their life circles,and getting sample data.Finally,construct the carbon information disclosure index,by using the panel data of 107 pollution listed companies from 2013 to 2015,doing the empirical analysis on the effects of carbon information disclosure on enterprise finance.The biggest innovation of the thesis is including the enterprises life circles to talk about the effects of carbon information disclosure on enterprise finance by period.The results show that,carbon information positively relates to enterprise finance.Developing period and Developed period have significantly positive effects on enterprise finance,while initial period and degenerating period have negative effects.Therefore,the thesis suggests enterprises should focus on their dynamics,adjusting the contents of carbon information disclosure under the proper policies,arranging their capital reasonably.In developing and developed period,enterprises are encouraged to take advantage of their situation,building a better fame and image,and seeking potential opportunities.For the enterprises in the initial period and degenerating period,they should elaborate their long term low carbon plan,effectively diminishing worries of related people,and trying to take advantage carbon information disclosure’s positive effects.In addition,aiming at the low carbon information disclosure situation in China,the thesis gives advices to the government from strengthening consciousness of social responsibility,improving cognitive level,developing employee awareness and driving learning these four angles and from completing the policies,unifying disclosure method and content,building supervision mechanism,strengthening advertising and inducing preferential policies these five aspects.From the all-people participation on major medias and the public angle give suggestions,expecting that the carbon information disclosure in China could be improved effectively.