Research Of Differences Of Value Relevance Of Carbon Disclosure

In recent years,the problem of global warming continues to increase and the human living environment is deteriorating.Carbon dioxide,the main greenhouse gas,has become the focus of attention.In 2000,the Carbon Disclosure Project was established in London,specifically for the disclosure of corporate carbon information.The United States also introduced the relevant policies and requirements of mandatory disclosure of carbon information after 2010.British companies in 2013 through the law also requires every listed company to disclose its greenhouse gas in the annual report.China will start the national carbon emissions trading system in 2017.Visible,corporate carbon information disclosure has gone beyond the purely environmental category and gradually become a social and national level requirements.In this trend,the company's carbon disclosure is only a matter of time.In this paper,the Carbon Disclosure Project score of enterprise carbon disclosure is used to measure the carbon disclosure quality.With simple linear regression,instrumental variable regression,Bootstrap numerical simulation method,we focuses on the quality of information disclosure of value relevance.This paper studies the market reaction of carbon information disclosure from several angles.First,take the enterprise market value as the research object.This paper finds that,both in the United States and in the BRIC countries,the disclosure of carbon information can significantly enhance the market value of enterprises.On the basis of this research,this paper further studies the influence of the quality of carbon information disclosure on the market value of enterprises.The empirical results show that,in general,the quality of carbon information disclosure and corporate market value is significantly positively correlated,while this effect is stronger in the BRIC countries.This conclusion also establish after the control of the endogenous nature.According to the signal transmission theory,the disclosure of information can make a good performance of carbon companies different from other enterprises and can enhance the image of the enterprise.But due to the mandatory disclosure of carbon information policy weakening the effect of signal transmission,it makes the quality of information disclosure of value relevance in the BRIC countries than in the United States is stronger,which indicates that the quality of information disclosure in the value relevance between the United States and the BRIC countries do exist significant differences.In order to ensure the robustness of the results of this study,this paper presents a robust test,research conclusion all robustness test completely consistent research before,this shows that the research results of this paper are robust.In this paper,the results show that there is a significant correlation between the quality of carbon information disclosure,and there are significant differences in the United States and the BRIC countries.To this end,put forward the following recommendations: 1,the company actively disclose carbon information.Active carbon disclosure information of enterprises,the market value will be significantly improved;2,establish a sound legal system of information disclosure,the gradual establishment of mandatory disclosure system;3,improve supervision of public awareness,enhance investor awareness of environmental protection,and enhance the awareness of environmental protection enterprises.