Research On The Determinants Of Carbon Information Disclosure In Listed Companies Of China

With the problem of climate change increasingly standout, energy conservation and low-carbon development have been the consensus on the global scale. As the basis of enterprises’carbon management, government regulation and carbon trading market, carbon information disclosure plays a very important role in promoting the development of low-carbon economy. Based on this, research on carbon information disclosure of listed companies is becoming a new focus. Although some scholars have begun to study about carbon information disclosure, but the progress is still limited, especially to domestic research. Therefore, this article expanding empirical research on domestic listed companies’carbon information disclosure and its determinants is theoretically valuable and practically significant.According to the logical thinking of "theoretical analysis-empirical study suggestions", this paper can be roughly divided into three parts:First of all, we reviewed relevant studies and theories by theoretical analysis, and revealed the current status of carbon information disclosure in China from Carbon Disclosure Project (CDP) and Corporate Social Responsibility (CSR) report two different perspectives; Secondly, on the basis of normative study, this article constructed a framework of domestic carbon information disclosure by combining external stakeholders’needs and internal characteristics of corporate governance. Through empirical research, we found that state-owned nature, ownership concentration and proportion of managerial ownership are respectively irrelevant with the quality of enterprises’carbon information disclosure, which demonstrating external stakeholders cannot work effectively on the corporate decision-making of carbon information disclosure. However, other explanatory variables, such as firm size, financial leverage ratio and proportion of independent directors, are positively associated with the quality of carbon disclosure, showing the improvement of internal management level is conducive for promoting listed companies’carbon information disclosure; Finally, considering the results of theoretical analysis and empirical research, in order to improve the level of carbon information disclosure, we proposed to strengthen regulatory mechanism of external capital market and optimize internal management of enterprises.