The Research On Influences Of The Listed Companies’ Carbon Disclosure Quality To Operating Performance

In response to climate change, following the concept of the low-carbon development, Chinese government has formulated a series of carbon reduction policies and regulations, which strictly required enterprises to strengthen their carbon emissions management and control greenhouse gas emissions. In this context, stakeholders will also pay more attention to enterprises’ carbon information, and consider the risks and opportunities with carbon emissions and carbon management. Studies have shown that the carbon disclosure quality of domestic listed companies is poor, whose reason mainly lies in the lack of intrinsic motivation of carbon disclosure and listed companies not yet aware of the important influence of carbon disclosure quality to company’s performance. For that reason, this paper will research on the effects of carbon disclosure quality to business performance both theoretically and empirically,to enhance the listed company’s motivation of carbon disclosure and improve the quality of carbon disclosure.Before analyzing the affects, the paper builds a carbon disclosure framework to domestic listed companies, then selects the carbon information concentration and carbon disclosure index as the measurement of listed companies’ carbon disclosure quality, and analyses it from four dimensions, that is, the content distribution, industry differences, disclose ways and angle range. The study found that the overall carbon disclosure quality of Chinese listed company is relatively poor, that there are some differences in carbon disclosure content,and that carbon disclosure quality is greatly influenced by the disclosure way. Then, based on the sustainable development theory, stakeholder theory, asymmetric information theory and signaling theory, we find that the carbon disclosure quality can affect the operating performance of listed companies by the way of shaping corporate reputation and reducing the cost of capital,. Therefore, this paper presents the carbon disclosure quality and operating performance hypothesis. Besides, this article assumes that carbon disclosure quality and business performance are positively correlated. To confirm it, the paper constructs a multiple linear regression model, and analyzes the carbon disclosure quality and the surrogate of business performance by correlation test, regression analysis.Empirical study shows that there is significant positive correlation, the carbon disclosure quality of listed companies can affect its business performance to a certain extent. Finally, combined with the problems existing in the listed companies’ carbon disclosure and the influence of carbon disclosure quality on business performance, to improve the carbon disclosure quality of listed companies, this paper gives some suggestions, such as establishing unified carbon disclosure regulations, putting carbon information into the mainstream report strengthening the environmental protection propaganda to improve stakeholder’s carbon information needs and the company’s carbon disclosure awareness.