Research On The Correlation Between Carbon Information Disclosure Level And Enterprise Value

In recent years,the problem of global warming has become increasingly prominent,which seriously threatens the survival and development of humankind.Countries around the world have adopted a positive attitude to address this challenge.As the largest emitter of carbon dioxide,China also takes the responsibility of carbon emission reduction.Driven by relevant national policies,some companies have begun to consciously disclose information related to carbon emissions to meet the needs of information users.However,at present,the level and willingness of Chinese companies to disclose carbon information are generally low,and most companies have failed to properly understand the economic consequences of carbon information disclosure,which is not conducive to improving the autonomy of corporate disclosure,nor conducive to stakeholders to make scientific and effective decisions.Based on this phenomenon,this article uses stakeholder theory,organizational legitimacy theory,signal transmission theory and principal-agent theory,combined with existing research results,and selects industrial companies listed on the Shanghai and Shenzhen A shares from2010 to 2018 as samples,through the construction of carbon information disclosure index,empirically analyzes the relationship between carbon information disclosure level and the long-term and short-term value of enterprises,and discusses the role of equity financing cost in the relationship between the two,so as to enable enterprise managers to understand the actual impact of carbon information disclosure on the long-term and short-term value of enterprises,and enhance the enthusiasm of enterprise carbon information disclosure.This paper has performed descriptive statistics,correlation analysis,regression analysis,and robustness test on the data.The main conclusions are as follows:(1)The level of carbon information disclosure in Chinese enterprises is generally low;(2)The level of corporate carbon information disclosure has no significant effect on the promotion of short-term value of enterprises;(3)The improvement of enterprise carbon information disclosure level is helpful to enhance the long-term value of enterprises;(4)There is a significant negative correlation between the level of carbon disclosure and the cost of equity financing;(5)The cost of equity financing plays a part of the intermediary role in the positive relationship between carbon information disclosure level and the long-term value of enterprises.Finally,based on the above research results,this paper puts forward targeted suggestions from three levels of government,enterprises and other stakeholders,hoping to improve the carbon information disclosure level of Chinese enterprises.