Study On The Relationship Between The Disclosure Of Carbon Accounting Information And Corporate Governance

This paper selected 129 listed companies in the heavily polluting industry of A-shares in Shanghai Stock Exchange as examples,and chose the relevant data of the company from 2014 to 2016 to empirically analyze the relationship between carbon disclosure and corporate governance in heavily polluting industries.It provided some guidance for the improvement of the quality of carbon accounting information disclosed by listed companies in the heavily polluting industry.In the aspect of low-carbon economic management,as a carrier of carbon reduction for enterprises,carbon information can directly and effectively reflect the low-carbon economic behavior of enterprises.First of all,this paper reviewed the references on the relationship between carbon accounting information disclosure and corporate governance at home and abroad,and defined the concepts of corporate governance,carbon accounting and carbon accounting disclosure.Based on Information Asymmetry Theory,Stakeholder Theory,Legality Theory,Principal-Agent Theory and Corporate Social Responsibility Theory to analyze the current status and existing problems of carbon disclosure in listed companies in heavy pollution industries in China.Secondly,explored the problems existing in the carbon disclosure of listed companies in heavily polluting industries,and analyzed the governance status of heavily polluting companies in combination with the industry specificity of heavily polluting industry.Finally,on the basis of analyzing the status of the disclosure of carbon accounting information,theoretical analysis and empirical modeling research are conducted from the aspects of enterprise equity structure,executive incentives,and board characteristics to explore its impact on the disclosure of the carbon accounting information.This paper selected the carbon accounting information disclosure index as the explanatory variable,the company's shareholding structure(equity concentration,equity balance and institutional investor holdings),senior management incentives(high-level shareholding,executive compensation),board characteristics(The scale of the board of directors and whether or not the two positions are combined)are the explanatory variables.The company size,carbon emission trading market,and environmental management system certification ISO 14001 are selected as control variables,and research hypotheses are proposed.At last,a multivariate regression test method is used under certain given assumptions to test the impact of corporate governance on the level of carbon disclosure,and pass the robustness tests.This paper proposed countermeasures and suggestions on three aspects of the companies'shareholding structure,senior management incentives,and board characteristics.The main conclusions are:building a moderately concentrated equity structure,strengthening management's emphasis on carbon accounting information disclosure,and constructing reasonable The senior executives' incentive mechanism combines long-term and short-term incentives to increase the role of corporate executive incentives.Within a reasonable range,it strengthens the supervisory role of the board of directors with a view to raising the level of carbon accounting information disclosure in listed companies in heavily polluting industries.