Equity Properties,Agency Costs And Carbon Disclosure Quality

Global extreme weather events occurs frequently in recent years,the ecological environment is worsening and the environment problem is heating up again,reducing carbon emissions,adjusting the industrial structure and developing low-carbon economy have become the focus of concern of the international community.Under the background of environmental governance and reduction of carbon emission,how an enterprise measures and discloses carbon emission information effectively has become an important way to implement the carbon management and responsibility of performing the environment.The agency cost question leading by the separation of the power of ownership and management of modern enterprise in China occurs,and the agency cost caused by that has become an important motivation of enterprise information disclosure.As an important part of enterprise information disclosure,is there a close relationship between the agency cost and the quality of carbon disclosure? How exists is the relevance between agency cost and quality of carbon disclosure? How the ownership type influences the relationship between agency cost and quality of carbon disclosure? Based on this,this paper discusses the related relationship between the agency cost and the quality of carbon disclosure to provide some reference to improve the level of carbon disclosure and the improvement of the corporate governance mechanism.Based on the research of carbon disclosure of listed companies of domestic and foreign,Tobit model of random effect is used in Stata 12.0 to test the effect of the agency cost of equity and debt on the quality of carbon disclosure empirically taking the example of heavy polluting industries of A-share listed companies from 2012 to 2014.The results show that:(1)The quality of carbon disclosure of heavy pollution industry in China currently is not high in general,the lack of effective quantitative disclosure and the management mechanism to reduce emissions exist.(2)There exists a significant negative correlation between agency cost and quality of carbon disclosure,that is,the lower the agency costs of equity and debt are,the higher the quality of carbon disclosure is.(3)Compared to non-state –owned enterprises,state –owned enterprises that have higher agency cost are more likely to disclose carbon information in poor quality.Accordingly,reducing the agency cost,improving the system of carbon disclosure and strengthening supervision of the carbon emission regulation of listed companies promote the the quality of the carbon disclosure.