Research On The Carbon Information Disclosure Effect

Due to global climate change, the public increasingly aware of the seriousness of the problem of carbon emissions, countries have to transition to a low-carbon economy direction. In the context of low-carbon, various stakeholders attention on increasing the carbon information, the carbon information which companies disclosed have some improvement in the quantity and quality. Companies are profit-driven groups, the problem that what kind of impact that such behavior will bring is needed to be solved in this article.Carbon information is a major component of environmental information and social responsibility information, so we can see that there is correlation among the Carbon Disclosure environmental information disclosure and disclosure of information society. In view of this, the paper recalled the motivation of the Carbon information disclosure environmental information disclosure and social responsibility information disclosure. And this paper recalled the relationship between information disclosure and corporate performance. This paper regarded environmental economics theory, stakeholder theory, signal asymmetry theory, signal transmission theory and legitimacy theory as the theoretical basis and provided the foundation for the empirical research on the carbon information disclosure effect.Based on the China’s CDP projects report, this paper analyzed the responses of China’s CDP questionnaire, and summed the problems of carbon disclosure in China. Because of the replies of China’s CDP questionnaire are not ideal, therefore, this paper chose the S & P 500 companies as the sample companies.In the empirical study, this paper set the indicators such as carbon disclosure score, enterprise performance and external pressure, used the annual report of sample companies from 2012 to 2014, made an empirical research on the effects of corporate disclosure of carbon information with Eviews6.0 statistical software.The empirical study was divided into two parts: First, this paper selected corporate reputation, corporate value and ROA as explained variable, selected total score of CDP as the explanatory variables, made an empirical analysis of social and economic effects of Carbon Disclosure. Secondly, this article divided CDP total score into three parts: carbon disclosure management score, carbon risk and carbon opportunities disclosure score, carbon emission disclosure score, researched the effects of carbon disclosure information. The results show that a higher CDP total score can help enterprise to relieve the external pressure and improve their financial performance; companies disclose carbon management, carbon risk and carbon opportunity information can help enterprise to relieve the external pressure and enhance their financial performance, carbon emission disclosure is also conducive to enhancing corporate financial performance, but the relationship between it and relieving the external pressure was not significant. The empirical results highlighted the importance of carbon information disclosure, according to this condition,the paper made the following recommendations :government and relevant industry organizations should intensify supervision,enterprises should actively strengthen carbon management, improve the carbon emissions carbon performance and Strengthen the social supervision of carbon disclosure...