Carbon Information Disclosure In Enterprises:Research On Influence Factors And Value Effects

With the rapid increase of global population and the expansion of economic scale,the environmental problems caused by energy using have been highlighted,and global climate change caused by greenhouse gas emissions has became one of the most important issues,which threaten to human survival and development.As a flexible mechanism for carbon reduction innovation,carbon trading has became an important path for countries to promote sustainable development after the Kyoto Protocol.Carbon information is indispensable for carbon trading and carbon management,it not only helps enterprises calculates the cost and benefit of carbon emission accurately,analyzes and grasps the risks and opportunites brought by climate change,but also transfers emission data and carbon management capacity information to stakeholders,and it is an importan support for the operation of the carbon trading system,the implementation of carbon tax and anti-dumping.Therefore,the research of carbon information disclosure is important and urgent.Supported by the theory of emission right theory,stakeholder theory,principal-agent theory,signaling theory and organizational legitimacy theory,comprehensive use of normative research,descriptive statistical analysis,balanced panel regression model,principal component analysis,event study and other methods.First of all,define the concept of carbon disclosure,based on the previous studies,draw lessons from the quality characteristics of account information,in this thesis,we choose the reliability,relevance,comparability,understandability and importance as the characteristics of carbon disclosure.Based on the principle of goal,integrity,hierarchy and operability,build the enterprise carbon disclosure evaluation index system,which include carbon emission risk and carbon emission opportunity information,management information,carbon emission reduction accounting information,performance information,measurement information,disclosure information and assurance audit information.Using the index method to construct the carbon disclosure index,and then analyze and evaluate the current situation of China's carbon disclosure.The result shows that,the level of carbon disclosure is uneven,the regional differences of carbon information disclosure are obvious,and the quality of carbon disclosure is urgent to be improved.So,what factors will affect the voluntary disclosure of carbon information?Based on the theoretical analysis,the thesis makes an empirical study on the influence factors of carbon disclosure from three aspects:institutional environment,corporate governance and refinancing demand.The results show that,the strengthen of carbon emission system improved the level of enterprise carbon information disclosure;The enterprise that registered in the carbon emissions trading pilot city,which the level of information disclosure is higher;Compared to the non carbon emission trading pilot city,carbon emission system can play a more significant positive role in carbon emissions trading pilot city;There is a weak positive correlation between ownership concentration and enterprise carbon disclosure;The carbon disclosure quality of state owned enterprises is higher than that of non state owned enterprises;In terms of board governance,there is no expected nonlinear relationship between board size and enterprise carbon disclosure,however,there is a significant negative correlationship between the proportion of independent directors and enterprise carbon disclosure,that is,the proportion of independent directors is higher,the carbon disclosure level is lower;The scale of the board of supervisors has no significant effect on carbon disclosure;There is no significant negative correlation between the financing demand and enterprise carbon disclosure,but at the same time,when the overseas listed companies has financing needs,the level of carbon disclosure is higher.The research on the value effect of carbon disclosure is more helpful for the users of carbon information.What is the effectiveness of carbon disclosure?What kind of value effect will be produced?The thesis from the short-term and long-term perspective,test the stock market reaction through the analysis of the short-term value effect of corporate carbon information disclosure;secondly,examin the long-term value effect of carbon disclosure through the analysis of the impact of the carbon disclosure on the value of the enterprise.The results show that,the short-term value effect of carbon disclosure is not obvious,and the capital market reaction is weak,but the carbon disclosure of the enterprise will have a significant negative long-term value effect.Based on the above research,from three aspects of government,enterprise and society,the thesis proposes to take measures with multi-level and multi-angle,through the system construction,practice advancement and theory research,all of which will improve enterprise's carbon information disclosure quality and level.