Research On The Impact Of Carbon Information Disclosure On Corporate Green Technology Innovation

With the frequent occurrence of global climate problems and the intensification of the climate crisis,people have begun to pay attention to a series of environmental problems caused by the excessive development of heavy industry and the lack of effective emission reduction measures.In this context,my country proposes a carbon neutral strategy,which is not only a product of the development of the times,but also an inevitable choice for my country to move towards a green economy.Green technological innovation is a new requirement for traditional technological innovation in the context of carbon neutrality.As an important governance body for the "carbon neutrality" goal,the development of heavily polluting enterprises is also facing higher requirements,and it is necessary to improve core technology research capabilities for green technology innovation.However,the lack of carbon information has become a bottleneck restricting the green development of enterprises.The non-standardization of carbon information disclosure requirements leads to different quality of carbon information disclosure among companies and a large gap,which makes the internal and external stakeholders of the enterprise have huge information asymmetry when making behavioral decisions.Therefore,how to comprehensively evaluate the impact of carbon information disclosure on the level of corporate green technology innovation,especially the specific impact mechanism,has important practical significance.First,this paper introduces environmental reputation to build a dynamic model,and believes that carbon information disclosure can directly promote corporate green technology innovation through reputation spillovers.Further,this paper constructs a game model between enterprises and financial institutions,and proposes an intermediary influence mechanism for carbon information disclosure to generate innovation incentives by alleviating financing constraints.The intermediary influence mechanism of attention and reducing agency cost to promote green technology innovation of enterprises,and the possibility that market status has a moderating effect on financing constraints and the intermediary path of public attention.On the basis of theoretical analysis,this paper takes my country’s heavily polluted listed companies from 2008 to 2020 as the research sample,and uses the fixed effect model,the mediation effect and the moderated mediation effect model to empirically test the theoretical hypothesis.The following conclusions are drawn:1)carbon information disclosure can promote green technology innovation of enterprises;2)there is an intermediary mechanism that alleviates financing constraints,increases public attention and reduces agency costs,and the intermediary effect accounts for 15.27%,11.63%and 15.02%,respectively;3)market status has a positive moderating effect on the two intermediary paths of easing financing constraints and increasing public attention.Finally,on the basis of summarizing the research conclusions of the full text,this paper puts forward targeted policy suggestions based on the actual situation in my country,including:comprehensively implement carbon information disclosure policies,standardize carbon information disclosure standards;establish a sound carbon information disclosure incentive and restraint mechanism;The role of credit in improving the incentives for green technology innovation in carbon information disclosure;the role of public participation in enhancing the incentives for green technology innovation in carbon information disclosure;strengthening internal corporate governance and external supervision to reduce agency costs.