A Study On The Quality Of Carbon Information Disclosure And Its Impact On Corporate Value Of Listed Companies In China

With the increasing negative effects of global climate change,governments are increasingly aware of the seriousness of carbon emissions and the way to a low carbon economy which is an inevitable choice.In this trend,not only the current status of domestic Carbon Information Disclosure(CID)needs to be explored,but whether the its quality will affect the value of corporations has become a crucial research.At first,This paper explains the current status of CID of domestic quoted companies,and builds carbon information disclosure level index system,from carbon stakes and opportunities,carbon strategy,carbon administration,carbon calculating and emission,carbon profit and loss and carbon compliance with six primary indicators and refinement of 22 secondary indicators.It is used to evaluate the check-availability,timeliness,quantification — — the three dimensions of CID quality by scoring method.Secondly,the SSE 180 carbon efficiency index sample company is used as the research object to evaluate the annual report and the social responsibility report of the sample companies during the period of 2011 to 2015,according to the carbon information disclosure level index system and the carbon information disclosure quality scoring method.Finally,MLR models were built respectively between the CDI and the corporate value of the two aspects,namely,market value and financial performance and to perform empirical analysis.It is found that,primarily,although the universality and quality score of CID at all levels are not high,the carbon information of stakes and opportunity,administration,calculating and emission information are gradually becoming concerns of carbon information.Secondly,the regression results show that the quality of CID has insignificant negative effect on both the market value and the financial performance.The main reason is that the CDI is in the initial stage,and the attention of information user to the carbon information is not high,with carbon information disclosure costs being high and resulting in that the impact of the corporate value may even be subtle or even negative.Whether the international community or our country can not ignore the climate change issue.This paper makes some proposals on the disclosure guidance,disclosure channel,encouragement policies,assurance mechanisms to improve the current status of corporate carbon information disclosure and enhance the stakeholders' sensitiveness to the carbon information.