Research On Carbon Disclosure And Enterprise Value

As global warming intensifies, countries around the world have taken action to deal with the risks of climate change. China joined the action of greenhouse gas emission reduction as well. China is a country most relying on manufacturing industry, whose current greenhouse gas emissions ranks first in the world. AdvocatingLow Carbon Economy all over the world, China has put the reduction of greenhouse gas emissions and climate change risk into "The Twelfth Five-year Plan", and begun to supervise the behavior of energy saving and emission reduction in some industries. The effective implementation of supervision and enterprise carbon disclosure inseparable, carbon disclosure plays an important role in the development of low carbon economy in the future.In the research, I analyze the relationship between Carbon Disclosure and firm-value withthe Efficient Market Hypothesis, Signaling Theory, System Theory and Theory of Enterprise Value.Meanwhile, because the enterprise carbon emissions are endogenous carbon disclosure driversinto and institutional investors are the external factors affecting the enterprise carbon disclosure, and in the European Union and the North American institutional investors are main driving force for enterprise carbon disclosure. Myresearch added carbon emissions and institutional investors holding two factors theoretical analysis.On the basis of theoretical analysis, I use empirical analysis to verify the above theory as well. I use AHP to determine the evaluation of Carbon Disclosure level for the enterprises, respectively, using multiple linear regression and two stage least squares method to test the relationship between Carbon Disclosure and enterprise value.Then I adopt the method of set grouping by item and regression test respectively carbon emissions and the impact of institutional investors holding the two relations.The research is divided into six chapters, the following specific research content and framework:The first chapter:Introduction. In this chapter, I illustrate the background and significance of this research. I analyze the previous researches’ defect and blank, summarize the conclusions of their researches on the carbon disclosure and enterprise value from different angles.And then I made the research framework, research methods and technical route.The second chapter:Literature Review. This chapter focuses on the definition of Carbon Disclosure and the previous researches between Carbon Disclosure and enterprise value.The third chapter:Summary of the theory aboutCarbon Disclosure and enterprise value. Thins chapter includes the Efficient Market Hypothesis, Signaling Theory, System Theory and Theory of Enterprise Value.The fourth chapter:Theoretical analysis and the research hypothesis. In this chapter, I make an assumption that Carbon Disclosure can influence enterprise as the first hypothesis. And then, from the two aspects of internal and external factors considered, I proposed carbon emissions and the institutional investors to enhance the firm-value effect of Carbon Disclosure as the second and the third hypothesis respectively.The fifth chapter:Empirical study on Carbon Disclosure and enterprise value. As the carbon disclosure score of the quality of information disclosure index to the Sample Firms carbon information, establish the regression model, using statistical methods of influence on the value of the enterprise carbon disclosure test, and adding carbon emissions and the proportion of institutional investors holding variables, the method of setting product and regression verification two effects on Relationship value of carbon disclosure and in the enterprise.The sixth chapter:Conclusion. In this chapter, I summarize the results of this study, put forward to improve the quality of information disclosure of China’s carbon policy recommendations, pointed out the shortcomings of current research and future research progress.The main result and achievement of this research are as follow:First, the Carbon Disclosure level has significantly improved effect on the value of the enterprise. The enterprise can guide the capital market’s attention and cash flows through the disclosure and management of carbon emissions so as to enhance the enterprise relative value in the market. Second, enterprise information disclosure in the contents of carbon, low carbon and carbon emission management strategy can significantly improve enterprise value, suggesting that investors pay more attention to the practical action in the process of low carbon emission reduction.Third, high-carbon-emission enterprises have more motivation to disclose carbon information, but the capital market is also more concerned about the high carbon emission industries in these industries, carbon disclosure to enhance the role of enterprise value is more obvious, stimulate high carbon emissions carbon disclosure carbon management, higher quality. Fourth, pressure sensitive institutional investors play a significant role in the relationship between the two, and pressure resistant institutional investors are inhibited, indicates that China’s institutional investors are still regarded as carbon information rather than speculative opportunities, pay attention to the long-term benefits to the business.