Comparative Study Of The Impact Of Carbon Information Disclosure On Stock Ratings Between China And USA

As the global warming problem has deteriorated significantly,the awareness of social responsibility of enterprises around the world has been continuously enhanced,and the quality of corporate carbon information disclosure has become one of the important topics of social research.However,most governments currently do not have comprehensive mandatory laws to regulate carbon disclosure standards.There are also differences in voluntary disclosure of carbon information and active emission reductions.Through the collation of the existing research literature and the comprehensive analysis of relevant theories,this paper makes the following hypothesis: the quality of carbon information disclosure of listed companies is positively related to the stock ratings;the positive impact of carbon information disclosure of listed companies in China has been gradually increasing in recent years.Empirical studies show that the carbon information disclosure of Chinese listed companies has a significant negative impact on their stock ratings in 2013-2015;in the same period,the carbon information disclosure of listed companies in the United States has a significant positive impact on stock ratings.Chinese security analysts has been paying more attention to the long-term positive signal of companies’ carbon information disclosure in 2013-2016;this attention of US analysts increased from 2013 to 2015 but dramatically dropped down in 2016.The carbon information disclosure of industrial enterprises in China has a significant negative impact on its stock rating.For energy and utility the impact is positive but not significant;carbon information disclosure of these three industries in the US market can generate significant positive impact on stock ratings.Based on the above results,this paper puts forward the following suggestions: Make feasible long-term planning for comprehensive environmental protection policies;gradually promote policy implementation and related laws and regulations.Standardize the measurement process and methods of carbon emissions during the company’s production process;accelerate the establishment of a more unified carbon information disclosure mechanism norms and strengthen effective supervision.Actively promote the consensus on social responsibility theory;improve the effectiveness of information disclosure and transmission mechanism in the capital market.