An Empirical Study On The Influence Of The Quality Of Carbon Information Disclosure On Corporate Performance ——Analysis Based On Listed Enterprises In Heavily Polluting Industries

Today,climate change threatens the world,especially global warming.Xi Jinping proposed that China will make its own efforts,adopt more powerful policies and measures,increase its nationally determined contribution,strive to achieve “carbon peak” by 2030 and achieve “carbon neutrality” by 2060,which made the “dual carbon” goal a domestic research hotspot.Enterprises are the main players in participating in market economic activities,emitting greenhouse gases and consuming energy.As the main force in achieving carbon emission reduction goals,the sense of responsibility for emission reduction,practical actions to reduce emission and specific results of emission reduction of enterprises determine whether the national “dual carbon” goal can be successfully achieved.Especially,as the main body of carbon emissions,heavy-polluting industries are also the main force in achieving carbon emission reductions.To achieve the goal of “dual carbon”,heavy-polluting industries are duty-bound.Carbon information disclosure（CID）is a window for enterprises to reflect low-carbon behavior and low-carbon achievements.The comprehensive and truthful disclosure of relevant carbon information by enterprises is the basis for achieving the “dual carbon” goal.In the context of global climate and environmental governance emphasizing dropping carbon emissions,CID has become an important way for enterprises to display the image of low-carbon development and fulfill their corporate social responsibilities.The country actively advocates low-carbon,energy conservation and environmental protection and encourages enterprises to voluntarily,comprehensively and truthfully disclose carbon information.Can continuous improvement in the quality of CID upgrade corporate performance? What are the functions of CID on corporate performance? Where does the motivation for enterprises to disclose carbon information come from? It can be seen that the research on the functions of CID on corporate performance is significant and necessary.Moreover,with the domestic “dual carbon” goal being put forward,the environmental regulation of government has been constantly severed,and the media coverage has been increased.Under the external pressure of the government environmental supervision and media attention,how will the relationship between the quality of CID and corporate performance be affected?Based on this,this paper aims to study the function of the quality of CID on corporate performance in heavily polluting industries,as well as the moderating effects of government environmental supervision and media attention.This paper takes A-share listed enterprises of heavily polluting industries in Shanghai and Shenzhen in 2015-2020 as a research sample.Corporate performance is further divided into market performance and financial performance.Build a index evaluation system of the quality of CID,use the content analysis method to calculate the score of CID of enterprises to measure the quality of CID.Combine stakeholder theory,contract theory,signal transmission theory,legality theory and other related theories,aim at exploring the relationship between the quality of CID and corporate performance.The conclusions are as follows:（1）The positive impact of the quality of CID on corporate performance.There is a significant positive correlation between the quality of CID and the corporate market performance.That is,with the improvement of the quality of CID,the corporate market performance will also improve accordingly.The quality of CID of enterprises is positively correlated with financial performance,that is,the gradual improvement of the quality of CID will also correspondingly improve the financial performance of enterprises.（2）The positive moderating effect of government environmental supervision.Government environmental supervision has positively promoted the relationship between the quality of CID and market performance.That is,with the improvement of the degree of government environmental supervision,the quality of CID will significantly enhance the promotion of corporate market performance.Government environmental supervision plays a positive regulating role in the impact of the quality of CID on corporate financial performance.That is,the continuous the level of improvement of government environmental supervision will further enhance the promotion effect of the quality of CID on financial performance.（3）The positive moderating effect of media attention.Media attention has positively promoted the relationship between the quality of CID and the corporate market performance.That is,with the improvement of media attention,the quality of CID will significantly enhance the promotion of corporate market performance.Media attention has positively promoted the relationship between the quality of CID and the corporate financial performance.That is,with the improvement of media attention,the quality of CID will significantly enhance the promotion of the corporate financial performance.Finally,based on the research conclusions,this paper proposes research implications from the perspective of enterprises as follows: Enhance the awareness of CID and strengthen corporate carbon management;Strictly abide by government environmental supervision and improve the quality of CID;Use media’s transmission and public opinion supervision mechanisms to standardize carbon information disclosure behavior.