Research On The Impact Of Corporate Low-carbon Behavior On Corporate Value

In recent 10 years,with more and more greenhouse gas into the air,globa l warming issues have started influenc ing the w ork and health of globa l people,which has also caused worldw ide attention.And governme nts have reinforced to solve this worldwide problem.In recent years,our country's economy develope d quickly,making great progress.Meanwhile,there are a lot of proble ms,such as high carbon emiss ion.It is predicte d that our country w ill be the one that w ill e mit the most greenhouse gas,w hich is c losely re lated to the single resource structure.So,our governme nt is trying hard to improve this situation.In 2009,China central conference has made it clear that low carbon economy is our future strategy direction.Our governme nt has promised to reduce the amount of carbon by 40%-50% till 2020;In 2011.Government issue d " Twe lfth Five-Year Plan "to control greenhouse gas emiss ion requirements " require ments "during the 12 th Five-Year Plan" to explore the establishment of carbon emiss ions trading market and c lear "1025" unit GDP greenhouse gas emiss ions decreased by 17% emiss ion reduction targets.China's entry into the era of low-carbon economic deve lopment,the n it means that companies have to bear a greater low-carbon targets and budgets.Therefore,our government and enterprises w ill face more respons ibilities and greater pressure.For enterprises,low-carbon production on the one ha nd is a manifestation of socia l respons ibility,on the other hand,if the low-carbon production can bring tangible economic benefits,it will further stimulate enterprises to adopt low-carbon behavior.Therefore,for this purpose,this paper aims to verify the low-carbon behavior of enterprises for enterprise va lue.Septe mber 14,2010,the Ministry of Environmental Protection announced the "Environmenta l Information D isclosure of Listed Companies Guide",the steel industry as one of 16 categories of heavily polluting industries,in partic ular that such listed companies s hould iss ue an annual e nvironmenta l report c loth,regular disc losure of pollutants Emiss ions,environmenta l practices,environmenta l manage ment and so on.Therefore,this paper will further study the object identifie d in the steel industry enterprises.This paper studies the impact of low carbon be havior on the va lue of listed companies in A-share listed steel companies.First of all,the relationship between the two theoretically ana lyzed,and then from the empirica l point of view.In the empirical process,the low-carbon be havior of enterprises is divided into two aspects,one is the leve l of carbon information disc losure qua lity,the other is involved in low-carbon inputs.The empirical results show that the low carbon be havior of enterprises has no s ignificant pos itive effect on firm va lue,but this paper argues that there may be objective reasons for this phe nomenon,such as the length of time is not long enough and the carbon information disclosure system is not perfect.