The Empirical Research Of Carbon Information Disclosure Affect On Firm Value

In 2014, Lima climate conference resolution clearly requires attending parties must submit detailed plans to tackle global warming in 2015. To address climate change, China has shown full commitment and has been taken action. Following the carbon trading pilot have started, the environmental protection department of the State Council promulgated a series of regulations and construction methods to apply to the construction of the carbon market. As the main body of carbon emissions, under the dual pressure of natural resources shortage and carbon emission reduction policies, the enterprises'carbon emissions and emission management measures and other carbon activities information will be subject stakeholders concerns. In order to pursue the long-term sustainable development, companies need to actively communicate with stakeholders in corporate carbon information, and disclosure Carbon information. However, the impact of the Carbon Disclosure of corporate value is no consensus in the academic conclusion. On the one hand, research on academic reputation in the market mechanism shows that companies through proactive disclosure of carbon information can effectively enhance their market reputation and public image, thereby increasing corporate value. On the other hand, some scholars believe that carbon disclosure will increase the expenses of corporate environmental management, which may reduce the profit or cash flow, resulting in a negative impact on corporate value. Therefore, the carbon disclosure and enterprise value must exist a close Interactive relationship, the carbon disclosure affect the enterprise value urgently clarity and depth research.In view of this, this paper takes the theory of corporate social responsibility, stakeholder theory, the enterprise value theory, asymmetric information theory and the signal transmission theory as the theoretical basis. Use the Commission divided the electricity, heat production and supply of listed companies in 2014 as samples, by establishing multiple regression model, using the software of Excel, SPSS, respectively study the carbon disclosure quality index to the equity capital cost, the expected cash flow and enterprise value influence process and the influence results. The empirical results show that:(1) With the change of the national environmental oolicv. more and more enterprises begin carbon disclosure, and the carbon disclosure quality has gradually increased; (2) In the electric power enterprise, high quality carbon disclosure help to reduce the enterprise's equity capital cost and increase the expected future cash flow enterprise; (3) In the electricity companies, the Carbon Disclosure quality and business value are correlated, and the correlation is significant. Based on the above research results, this paper puts forward the following suggestions. First, improve the institutional mechanisms and carbon-carbon disclosure of corporate information disclosure quality scoring mechanism; Second, Strengthen the propaganda work on carbon disclosure, as well as the consciousness of enterprise carbon disclosure; third, actively guide companies to encourage voluntary disclosure, and strengthen the voluntary disclosure of regulatory proposals.