Quality Of Carbon Information Disclosure,Institutional Investors And Stock Returns

It is a global political and economic problem as well as an accounting problem to balance the contradiction between climate warming and economic development.China is the world’s largest carbon emission country,and the development of low-carbon economy has long been included in the national development strategy,which is also the main goal of world development.The carbon trading market,which takes market regulation as one of the means of emission reduction,emerges as the times require.As the main participant of market economy,the enterprise is also the main source of carbon emissions and an important participant of energy conservation and emission reduction.It is the function of accounting to reflect and supervise economic activities,and respond to corporate carbon trading,carbon management,and carbon information disclosure.However,from the current situation of Chinese carbon trading market,we know that there are still some problems in the disclosure of carbon information of Chinese enterprises,such as the low quality of disclosure,the low proportion of active disclosure of carbon information,few listed companies issuing the disclosure of greenhouse gas information emissions,some listed companies choosing to disclose slightly in the social responsibility report,sustainable development report or environmental report,most listed companies do not disclosing Information carbon in the financial report and non-financial report.On the one hand,there is no mandatory disclosure of policies;on the other hand,enterprises are not sensitive to the economic consequences of carbon emissions and low-carbon economy.This paper starts from the research on the impact of carbon information disclosure on the stock return.In the capital market of China,investors should consider the expected return when making investment decisions.The research on the correlation between the quality of carbon information disclosure and the stock return can reflect the response of the quality of carbon information disclosure in the capital market at this stage.Therefore,whether the integrity,authenticity and accuracy of corporate carbon information disclosure are effective for investors when investors make investment decisions and construct investment portfolio is a problem worthy of study in Chinese securities market.Firstly,this paper analyzes the influencing factors of stock return,and analyzes the efficient market hypothesis,information asymmetry theory,stakeholder theory,rational investor theory,over disclosure return theory,green development concept,and constructs a direct correlation framework between carbon information disclosure behavior and stock return.Secondly,through the analysis of carbon information content,index involved,index score,AHP to determine the weight of carbon information disclosure evaluation index system.At last,we put forward the research hypothesis,and empirically test the market response to corporate carbon information disclosure through OLS regression model,and test the impact of institutional investors’ shareholding on corporate carbon information disclosure and stock return.The results show that there is a correlation between corporate carbon information disclosure and stock return.The higher the level of corporate carbon information disclosure is,the lower the stock return is.The increase of institutional investors’ shareholding ratio strengthens the negative correlation between corporate carbon information disclosure and stock return.According to the research results,this paper starts from the three main bodies of the government,enterprises and individuals,and puts forward the establishment of accountability mechanism for carbon information disclosure,the development of carbon accounting,the standardization of carbon information disclosure audit and authentication,the construction of incentive mechanism and constraint mechanism for enterprises to participate in low-carbon economy,the acceleration of the development of carbon trading market and the guidance of social capital investment in low-carbon economy.The paper also puts forward suggestions on improving carbon management and preventing carbon risks for enterprises;suggestions on improving low-carbon environmental awareness and promoting low-carbon knowledge for individuals,which is to make China become an important participant,contributor and leader in the construction of global ecological civilization and unswervingly following the road of social sustainable development.