The Impact Of Carbon Disclosure And Carbon Performance On Financial Performance Under Low Carbon Constraints

In the context of the development of low-carbon constraints,in order to avoid the risks of climate change,more and more enterprises choose to disclose carbon information,in response to national carbon emission reduction policies,pay attention to changes in carbon performance,focus on the sustainable development of enterprises.However,compared with the developed countries,the actions taken by Chinese enterprises in the carbon disclosure and carbon emissions are still far away.Moreover,the scholars at home and abroad have not yet formed a unified view on how the carbon disclosure and the carbon performance will bring to the enterprises,can not provide investors with a good basis for decision-making.As the world’s top500 enterprises as a model of global enterprises,since 2003,has been to the Carbon Disclosure Project to provide relevant information for carbon emissions,carbon emission reduction and environmental protection of the high degree of concern,it is worth learning for other enterprises in the world.In view of the mean and standard deviation of carbon performance are quite different of carbon intensive industries and non carbon intensive industries,and the environment of the two groups is different.In this paper,combined with the relevant theoretical analysis and previous studies,the two groups of industries were put forward research assumptions.Therefore,this paper is based on the 94 of the world’s top 500 enterprises of CDP report from 2011 to 2013,as well as the carbon information disclosure scores,carbon emissions,financial data,to study the effect between carbon disclosure and the current financial performance,the effect between carbon performance and the current financial performance,as well as the significant impact on the current financial performance is deferred to the next period,and comparative analysis.Through empirical research,this paper found that for carbon intensive industries,the company’s carbon information disclosure can not significantly promote the current financial performance improvement,but carbon performance can significantly promote the current financial performance improvement,and carbon performance of the current financial performance can be deferred to the next period.For the non carbon intensive industries,carbon information disclosure can significantly improve the current financial performance,and carbon information disclosure of the current financial performance of the positive impact can be deferred to the next period,but carbon performance can not significantly promote the current financial performance.Finally,according to the conclusion of empirical research,this paper puts forward some policy suggestions for the construction of carbon information disclosure systemin China.