Carbon Disclosure?Carbon Emission And Maket Value

With the process of the industrialization,the emissions of greenhouse gas are becoming more and more.Greenhouse effect has attracted the attention of the global community.Capital market has begun to reward carbon reduction leading enterprise,punished the backward enterprises.Nongovernmental organizations began to put pressure on enterprises,requiring companies to take the initiative to disclose information on carbon,in order to force enterprises raise carbon performance.Enterprise pay more attention to Carbon Disclosure.More and more enterprises join Carbon Disclosure Project(CDP),voluntary Carbon Disclosure of information to the public.Enterprise no longer saw carbon emission as a burden,but gradually realize the related risks and opportunities.Carbon disclosure and carbon performance has become the important factors that affect enterprise value and performance.Based on these,this article studies the relationship between carbon disclosure and firm value.First,reviewed the related literature and propose the hypothesis,and puts forward the carbon disclosure and corporate performance correlation hypothesis.The empirical part,this article selected the standard & poor's 2012-2014's 500 companies as our sample source.Firstly we use propensity score matching to estimate the firm-value effects of the act of voluntarily disclosing carbon emissions.We find that firm value is higher for firms that disclose their carbon emissions compared to firms that choose to not disclose them.Secondly,we set companies that disclose their carbon emissions as our objects,then examine carbon disclosure quality and carbon emissions how to impact enterprise value,the results show that carbon disclosure quality significantly improve enterprise value,while the opposite was true for carbon emissions.Finally,we think on behalf of the carbon in the quality of information disclosure theoretically CDLI index score is a kind of subjective ratings of CDP organization,it has a strong subjectivity,and corporate disclosure of real carbon emissions have strong objectivity,that is to say,CDLI index score every increase cannot fully on behalf of the enterprise do good energy saving and emission reduction,and carbon emissions per fell by one thousand metric tons,but can visually explain enterprises do contribution to energy conservation and emissions reduction.So we think that even if the two has a significant influence on the enterprise value,we still think and CDLI index score higher than the "well said" enterprise,society in general prefer to less carbon emissions of this kind of "well done",namely thecarbon emissions that are more significant impact on enterprise value,especially for carbon intensive industries that performance is more obvious.This article on the research achievements of predecessors,creatively will CDLI index scores and carbon emissions,comparing the effects on the enterprise value and according to the empirical results give the corresponding policy recommendations.Through carbon disclosure and the research of the relationship between the corporate performance will provide reference information for investors and business decisions,increase the effectiveness of the microscopic main body of decision.Carbon disclosure on the effectiveness of feedback information for further perfecting the information disclosure of carbon framework and policy provides a revelation,at the same time will also help to further improve and perfect our country's carbon trading market to provide decision-making information.