Carbon Disclosure Index,Investor Confidence And Enterprise Value

At present,the issue of global climate change has received much attention.Excessive emission of greenhouse gases not only exposes the inaction of enterprise management,but also has a very negative impact on China’s goal of promoting carbon emission reduction.The detailed disclosure of carbon information,as an important prerequisite for enterprises to reduce carbon emissions,has also attracted public attention in recent years.However,some enterprises in China are unwilling to disclose greenhouse gas emission information（carbon information）in detail for various reasons.From this point of view,this paper studies the level of enterprise carbon information disclosure.In this paper,referring to the standards of heavily polluting industries issued by relevant national departments,16 A-share listed companies in sub-sectors are selected as research samples,and whether the level of carbon information disclosure will affect the enterprise value and the influencing path are studied.Firstly,this paper briefly expounds the current research background and methods,combs and summarizes the research of domestic and foreign scholars from four aspects: the construction of evaluation system of carbon information disclosure level,the related research of investor confidence,the influence of carbon disclosure on investor confidence and the influence of carbon disclosure on enterprise value,analyzes its advantages and limitations,and constructs a comprehensive evaluation system of carbon information disclosure level with reference to existing literature.Then,it makes three basic points through the analysis of information asymmetry theory,voluntary disclosure theory and effective market theory.After collecting and sorting out the carbon information disclosed in the periodic reports issued by sample enterprises in 2018-2020,scoring summary is made according to the scoring system,descriptive statistics and correlation analysis are carried out on the obtained data,and then multiple regression tests are conducted to verify the above three basic hypotheses.After completing the verification of the main hypothesis,in order to eliminate the endogenous problem,this paper adopts the methods of substitution variables and PSM tendency score matching to test the robustness and endogenous,and the results prove that the original hypothesis is still valid.In addition,this paper also makes two groups of tests based on the nature of property rights and the region where it is located,and then draws the following conclusions:（1）Improving the level of carbon information disclosure can improve the enterprise value;（2）Improving the level of carbon information disclosure can enhance investor confidence;（3）Investor confidence has an intermediary effect in the relationship between carbon information disclosure level and enterprise value.Then,the following suggestions are put forward for the full-text research from macro and micro aspects:（1）introduce and improve the relevant legal system of mandatory carbon disclosure;（2）train professional carbon accountants and improve the information verification mechanism;（3）Increase the rewards and punishments for enterprises;（4）Strengthen publicity and education on carbon information disclosure;（5）Incorporate the concept of low-carbon emission reduction into corporate culture.Finally,the limitations of this study are summarized,and the future research is prospected.The innovation of this paper lies in that,unlike the single perspective of existing research,it is studied from the perspective of carbon disclosure,and investor confidence is introduced as an intermediary variable to study the influence path;The evaluation system of carbon information disclosure based on Internet is relatively comprehensive.