The Influence Of Carbon Information Disclosure On Enterprise Value Creation

With the coming of low carbon economy era, carbon information disclosure has become an important problem and is widely concerned by government and all level of society. Statistics show that carbon information disclosure enthusiasm in China is not high and the root reason why this situation exists is that whether carbon information disclosure can benefit enterprise. This problem not only has a negative impact on government to manage enterprise carbon emissions, but also influence the realization of emissions reduction targets of our government. However, existing researches do not in-depth explore that how carbon information disclosure effects enterprises value creation, meanwhile, empirical research on the influence of carbon information disclosure on enterprises value creation is relatively less. Therefore, this paper uses the influence of carbon information disclosure on enterprise value creation as the theme and explains the dynamic process of carbon information disclosure affects enterprise value creation theoretically, and explores the inner mechanism of the influence of carbon information disclosure on enterprise value creation from the perspectives of short term, long term and lag time span in order to test short-term effect, long-term effect and lag effect. All of these can provide reference for enterprise carbon information disclosure management. The main research contents and results of this paper are as follows:Firstly, using logical reasoning method, this study explores dynamic process and internal mechanism of the impact of carbon information disclosure on enterprise value creation. After defining the connotation of carbon information disclosure and enterprise value creation, based on asymmetric information theory, stakeholder theory, resource advantage theory and signalling theory, it explores the information transmission process and influence transformation process of the affect of carbon information disclosure on firm value creation, and constructs internal mechanism theory from the perspectives of short term, long term and lag time span, which provides theoretical basis for this study.Secondly, this study explores the short-term influence of carbon information disclosure on enterprise value creation by using event study method and content analysis method. As carbon information disclosure research is just making a beginning in China, these questions that what are the characteristics and regulations of carbon information disclosure are the starting point in this field. The results show that companies belongs to environmentally sensitive industries disclosed more than others, and the content is mainly about low-carbon technologies and low-carbon product plans for enterprises. Meanwhile, empirical analysis of the influence of carbon information disclosure on the short-term market reaction and investors earnings show that information events can make investors get more abnormal profits in short term investment through trigger the market reaction of the stock market, this fact illustrates that carbon information disclosure will be good for enterprise value creation in short-term.Thirdly, this paper conducts research on the long-term influence of carbon information disclosure on enterprise value creation from the perspective of capital market by using data mining technology, OLS method, FWLS method and econometrics model. The influence of carbon information disclosure on enterprise value is multi paths in capital market. Under the guidance of value investment idea, carbon information disclosure will affect investors’ stock purchase behavior and return on investment. Therefore, this study confirms market liquidity and cost of equity capital as the key path, and then carries out empirical research to examine whether carbon information disclosure could influence enterprise value creation. Based on stakeholder and asymmetric information theories, this paper analyzes the influence machanism of carbon information disclosure to enterprise value creation by using mathematical model and empirical analysis. The study found that an increase in the number and depth of carbon information disclosure would help to increase market liquidity and reduce equity capital cost, then influence enterprise value creation, so, market liquidity and equity capital cost play an intermediary role in the effect process. However, the intermediary roles are not verified between the relationship of quality and concentration of carbon information disclosure and enterprise value creation. Therefore, carbon information disclosure will be beneficial to the improvement of firm value.Fourthly, this study launches the research on the long-term influence of carbon information disclosure on enterprise value creation from the perspective of product market by using data mining technology, FWLS method, Logit regression analysis method and econometrics model. Under the guidance of customer value idea, carbon information disclosure can effect corporate reputation and customer satisfation deeply. Therefore, this study confirms corporate reputation and customer satisfation as the key paths of the influence of carbon information disclosure on enterprise value creation. Based on resource advantage theory, signalling theory and stakeholder theory, this paper analyzes the influence machanism of carbon information disclosure to enterprise value creation by using mathematical model and empirical analysis. The study found that an increase in the number of carbon information disclosure would help to shape corporate reputation, and then influence enterprise value creation, so, corporate reputation play an intermediary role in the effect process. However, the intermediary effect didn’t be verified between the relationship of quality and concentration of carbon information disclosure and enterprise value creation. This illustrated that carbon information disclosure could help enterprises to shape good reputation, which had a positive impact to the enterprise value creation. Meanwhile, carbon information disclosure had an impact on customer satisfaction, but customer satisfaction couldn’t further affect enterprise value creation through this path.Finally, by using event study method and OLS method, this paper explores the lag effect of carbon information disclosure on enterprise value creation. First of all, this chapter analyzes the specific reason of the inluence of carbon information disclosure on lag effect of enterprise value creation, then tests lag effect from the two aspects of capital market and product market. The study find that the influence of carbon information disclosure on enterprise value creation exists lag effect, and the lag effect in capital market will be more significant as the growth of lag phase and the lag effect in product market will be weaken as the growth of lag phase.In this paper, the dynamic process and mechanism theory of the impact of carbon information disclosure on enterprise value creation deepens the theoretical research in this area, empirical research adds new empirical evidences for international and domestic carbon information disclosure researches, and helps government to make new and effective carbon information disclosure guidelines and policies. Meanwhile, this study will provide theoretical basis and new empirical support for the establishment and innovation of carbon information disclosure management policies in China.