Quality Of Carbon Information Disclosure,government Subsidies And Corporate Risk-taking

The global economy has gradually entered a new pattern with lowcarbon sustainable development as the core.In order to improve the competitiveness of enterprises and deal with the severe challenges brought by the traditional high-carbon economic development model,more and more enterprises choose to invest in green projects to accelerate lowcarbon technological innovation,which is bound to change the risk preference of enterprises and affect their risk-taking.Can enterprises enhance their ability to resist risks by fulfilling their environmental responsibilities and disclosing high-quality carbon information,so as to gain high profits and realize enterprise value appreciation? Government subsidies have the functions of capital compensation and signal transmission.As an important external incentive,can government subsidies effectively regulate the relationship between carbon information disclosure and enterprise risktaking?This paper takes carbon information disclosure as the entry point,analyzes the impact of carbon information dis-closure quality on enterprise risk-taking from the perspective of enterprises’ fulfillment of environmental responsibilities.It is proposed that the disclosure of high quality carbon information can improve the investment and financing environment,drive green innovation,enhance the legitimacy of the organization,and thus enhance the level of enterprise risk-taking.Further introducing government subsidies as A moderating variable,this paper selects Shanghai and Shenzhen A-share non-financial listed companies that have disclosed their CSR reports from 2012 to 2019 as samples,takes STATA15.0 as the analysis tool,and comprehensively uses the two-way fixed effect model,two-stage least square method and other methods to conduct empirical tests.The results show that:(1)the quality of carbon information disclosure has a positive impact on enterprise risk-taking,and compared with the current period,the quality of carbon information disclosure lagging one year has a more significant positive impact on enterprise risk-taking.(2)Compared with private enterprises,the quality of carbon information disclosure of state-owned enterprises has a more significant positive impact on enterprise risk-taking.(3)Government subsidies have a positive moderating effect on the relationship between the quality of carbon information disclosure and corporate risktaking.(4)Compared with state-owned enterprises,the regulatory effect of government subsidies is more significant in private enterprises.The contribution of this paper is to explore the influence mechanism of the quality of carbon information disclosure on corporate risk-taking from the unique perspective of corporate environmental and social responsibility.The introduction of government subsidies as a moderating variable expands relevant studies,which not only provides a reference for the precise allocation of government funds,but also provides a new theoretical basis and empirical support for future studies.