Research On Enterprise Carbon Information Disclosure From The Perspective Of Bounded Rationality

At present,the problem of environmental pollution is very prominent in China,and people's demand for a beautiful environment is growing.Enterprises must choose the road of green development,save resources and protect the ecological environment,so as to solve the problem of environmental pollution.All this starts with carbon emission reduction.As early as 2015,China proposed to start the national carbon emissions trading market in 2017,and carbon emissions information is the basis of the national carbon emissions trading market operation.Carbon information disclosure of enterprises becomes particularly important.But now,the status of carbon information disclosure is not optimistic in China,and the quality of carbon emission information is very low.It will definitely affect the effective operation of carbon emissions trading market.Therefore,the definition of carbon information disclosure,analysis of the internal mechanism of enterprise carbon information disclosure,putting forward the policy suggestions to improve the quality of enterprise carbon information disclosure become the research hotspots of the current academic circles,and it provides theoretical support and policy reference for the effective operation and development of carbon emissions trading market.Therefore,from the perspective of bounded rationality,firstly,this paper theoretically analyzes the influence mechanism of media reporting,marketization degree and carbon performance on carbon information disclosure,and the path of carbon information disclosure on corporate social value,and constructs the theoretical framework of corporate carbon information disclosure.Secondly,using the related data and model empirically analyzes the impact of media reporting,marketization degree and carbon performance on the carbon imformation disclosure,and the influence of carbon information disclosure on the cost of equity financing,but also empirically analyzes the regulation of media reporting,marketization degree,carbon performance on the relevance of carbobn information disclosure and the cost of equity financing respectively.Finally,it empirically analyzes the impact of carbon information disclosure on the market value of enterprises,and comprehensively analyzes the influence of carbon information disclosure on corporate social value,and puts forward relevant policy recommendations.The main contents of this paper are as follows:First,using logical reasoning and normative analysis methods to analyze and establish the theoretical framework of carbon information disclosure from the perspective of bounded rationality.Based on the definition of bounded rationality,carbon information disclosure and corporate social value concept,using bounded rationality decision theory,voluntary information disclosure theory,information asymmetry theory and stakeholder theory to analyze the influencing mechanism of media reporting,marketization degree,carbon performance on carbon information disclosure,then comprehensively analyzes the influence mechanism of carbon information disclosure on corporate social value from the two aspects of dominant social value and implicit social value,finally establishes the theoretical analysis framework of carbon information disclosure from the perspective of bounded rationality and provides theoretical support for this paper.Second,applying multiple regression analysis method to examine the influence of media reporting on carbon information disclosure and the impact of carbon information disclosure on the cost of equity financing,and empirically tests the regulation of media reporting on the relevance of carbon information disclosure and the cost of equity financing.The results show that there is a significantly positive correlation between media reporting and carbon information disclosure.Media reporting plays a positive role in promoting carbon information disclosure.At the same time,carbon information disclosure can reduce the cost of equity financing,thereby it has effect on improving the implicit enterprise social value,and media reporting can enhance this kind of effect.Third,using the multiple regression analysis method to examine the influence of marketization degree on carbon information disclosure and the effect of carbon information disclosure on the cost of equity financing,and examine the moderating effects of marketization degree on the relevance of carbon information disclosure and the cost of equity financing.The results show that marketization degree has no effect on improving the level of carbon information disclosure.Before marketization degree grouping,carbon information disclosure can significantly reduce the cost of equity financing.After grouping marketization degree,in areas with low marketization degree,the effect of carbon information disclosure,financial carbon information disclosure and non-financial carbon information disclosure on reducing the cost of equity financing is significant,but in areas with high marketization degree,this effect is not obvious.Generally speaking,carbon information disclosure can improve the implicit enterprise social value,but the effect is different due to different types of carbon information and different marketization degree.In addition,marketization degree has not significantly strengthened this effect.Fourth,applying multiple regression analysis method to test the influence of carbon performance on carbon information disclosure and the effect of carbon information disclosure on the cost of equity financing,and empirically examine the moderating effects of carbon performance on the relevance of carbon information disclosure and the cost of equity financing.The results show that there is a positive correlation between carbon performance and carbon information disclosure,carbon performance plays a positive role in promoting carbon information disclosure,disclosure of carbon information and financial carbon information can reduce the cost of equity financing,but the relationship of non-financial carbon information disclosure and the cost of equity financing is not significant.In terms of the nature of enterprise,carbon information disclosure of non-state-owned enterprise is more likely to reduce the cost of equity financing,while the impact of carbon information disclosure of state-owned enterprise on the cost of equity financing is not obvious.So,carbon information disclosure can improve the implicit enterprise social value,but the effect is different due to different types of carbon information and different corporate nature.In addition,carbon performance does not significantly enhance this effect.Finally,using multiple regression analysis method to empirically test the impact of carbon information disclosure on the enterprise market value,and it comprehensively analyzes the impact of carbon information disclosure on corporate social value and puts forwad the relevant policy recommendations.The results show that carbon information disclosure is negatively correlated with the enterprise market value,and carbon information disclosure reduces the enterprise market value,that is,it reduces the dominant enterprise social value.In short,the way of carbon information disclosure influencing corporate social value is diverse,not only has a direct impact,also has indirect effect;the impact of carbon information disclosure on corporate social value is complex,not only has a relationship with the time,also has a relationship with the internal structure of corporate social value.In order to improve the enthusiasm of enterprise carbon information disclosure,we must establish a complete policies and regulations system for carbon information disclosure,encourage enterprises to establish carbon information disclosure standards,strengthen employees' awareness of environmental protection,make use of the function of media reporting in information transmission and public opinion supervision,and improve the marketization degree further.This paper systemtically analyzes and constructs the framework of enterprise carbon information disclosure from the perspective of bounded rationality,and it expands the theoretical research of carbon information disclosure.It empirically analyzes the impact of media reporting,marketization degree,carbon performance on carbon information disclosure,and the effect of carbon information disclosure on the cost of equity financing,and it enriches the empirical research literature in the field of carbon information disclosure.It analyzes the influencing process of carbon information disclosure on enterprise social value from enterprise dominant social value and implicit social value,that is conducive to accurately grasp the internal mechanism of enterprise carbon information disclosure,which makes the research more systematic.This paper provides the theoretical guidance for the practice of carbon information disclosure,and provides policy recommendations to formulate relevant policies for government departments.