Research On The Impact Of Carbon Information Disclosure On Enterprise Value

Under the situation of increasingly severe global warming,countries all over the world are strongly advocating energy conservation and emission reduction and developing low-carbon economy.People are increasingly concerned about the implementation of environmental responsibility of enterprises.However,at present,the voluntary and initiative of carbon information disclosure of domestic enterprises is relatively low.In order to make the management understand the economic consequences of carbon disclosure and consciously enhance disclosure awareness,this paper is committed to study the impact of carbon information disclosure on enterprise value.Based on the literature research method collate and review the relevant literature of carbon information,and then use some classical theory on the relationship between carbon disclosure and enterprise value are analyzed and put forward the research hypothesis,based on this,this paper selects 100 companies in 2016 on the certificate of social responsibility index for the research sample.Search for nearly four years of corporate disclosure in the annual report and social responsibility report of carbon information,the evaluation index system of information disclosure of carbon through this formulation,to measure the level of carbon disclosure of enterprises.In the process of empirical research,this paper according to the annual nature and industry were on the level of Carbon Disclosure for the descriptive statistical analysis and regression analysis of the relationship between the carbon disclosure and corporate value,and examine the nature of the industry,the relationship between the empirical test in different aspects of the carbon disclosure whether the enterprise value has the difference.The results show that through descriptive statistical analysis,we find that the overall level of carbon information disclosure of Chinese enterprises is not high enough,and there are some problems such as incomplete disclosure and irregular disclosure forms.Through empirical analysis,it is found that there is a significant positive correlation between the level of carbon information disclosure and corporate value,and this positive correlation is more significant in the high carbon emissions industry.The reason is that the carbon information disclosure can convey positive signals to the market,and establish a goodcorporate image of environmental responsibility,so as to win the affirmation and support from all sectors of society and promote the improvement of enterprise value.Because of its industry sensitivity,the carbon information released by the high carbon industry is more likely to cause the reaction of the market,and thus has a more significant value relevance.In addition,the study also found that different content of carbon information has different impact on corporate value.Corporate disclosure of carbon information related to carbon emission reduction initiatives and effects can enhance corporate value.Based on the above research conclusions,this paper puts forward some pertinent suggestions to the government departments,supervision departments and enterprises.First of all,the government should improve the enterprise carbon disclosure framework,establish the evaluation system of carbon disclosure,so that enterprises can have rules to follow,to disclose carbon information more active norms;secondly,supervision departments should strengthen supervision of the enterprise carbon disclosure management,and because of low carbon responsibility of high carbon emission industries perform more can cause the concern of the community,the disclosure of sensitive information can lead to more carbon market,so the supervision department should strengthen the supervision and regulation of the high carbon emission industries;finally,enterprises should strengthen the low carbon responsibility,only to do a good job of energy saving and emission reduction tasks,improve the level of enterprise information disclosure,in order to enhance the enterprise value to realize the sustainable development of enterprises.