Carbon Information Disclosure,Environmental Regulations And Firm Value

Working actively and prudently toward the goals of reaching peak carbon emissions and carbon neutrality is of great significance for building a modern socialist country in all respects,promoting the sustainable development in China and building a community with a shared future for humanity.As a window of carbon management,corporate carbon information disclosure can show its attitude towards low-carbon economy,energy saving and emission reduction.It is a key link for enterprises to implement the dual carbon plans and an important way to pursue the goal of maximizing corporate value.However,the high cost of disclosure makes many enterprises flinch,the phenomenon of non-disclosure or low level of disclosure is widespread.At the same time,the demands of government environmental regulations and other stakeholders put pressure on enterprises.In this systematic economic and social transformation,the capital market should reward enterprises that disclose true and reliable carbon information.Therefore,it is of great practical significance to study the carbon information disclosure from the perspective of internal value enhancement and external environmental regulations,and providing internal and external incentives for Chinese enterprises to improve the level of carbon information disclosure.On the basis of Signaling Theory,Organizational Legitimacy Theories and other relevant theories,this paper explores the relationship between carbon information disclosure,environmental regulations and firm value.By constructing a comprehensive evaluation system of carbon information disclosure,and dividing the level of carbon information disclosure from the two dimensions of disclosure carrier and disclosure content,this paper specifically analyzes the relationship between carbon information disclosure level and firm value and whether there is a lag effect,the relationship between environmental regulations and carbon information disclosure level,and the regulatory effect of environmental regulations on the relationship between carbon information disclosure and firm value.Further analyzing the different value effects of carbon information disclosure under different property rights and enterprise size.Taking the 2017-2021 A-share high-carbon listed companies as a sample,a multiple regression model is established for empirical testing.The empirical results show that:(1)the level of carbon information disclosure is significantly positively correlated with the firm value and there is a certain lag effect.The separate disclosure of carbon information through independent reports is more conducive to the promotion of firm value,but it does not have the characteristics of lag;No matter in the current period or in the later period,compared with the monetary carbon information disclosure level,the positive correlation between the non-monetary carbon information disclosure level and the firm value is more significant.The positive correlation between carbon information disclosure and enterprise value is more significant in non-stateowned enterprises and large-scale enterprises,but not in state-owned enterprises and small enterprises.(2)There is a significant positive correlation between environmental regulations and the level of carbon information disclosure.The relationship between environmental regulations and disclosure carrier has not passed the significance test.The strengthening of environmental regulations can improve the level of monetary and non-monetary carbon information disclosure,which has a greater role in promoting the level of non-monetary carbon information disclosure.(3)Environmental regulation plays a positive regulatory role in the relationship between carbon information disclosure level and firm value.Environmental regulations does not regulate the relationship between disclosure carrier and firm value.Environmental regulations can strengthen the positive correlation between non-monetary carbon information disclosure level and firm value,but it has no regulatory effect on the relationship between monetary carbon information disclosure level and firm value.