On The Relevance Between Carbon Disclosure And Enterprise Value

According to the latest news,the information disclosure of carbon market in China is not well.Carbon Disclosure Project delivers 100 questionnaire surveys of Chinese enterprises in 2016,only get 20 responses,far less than nearly 80% responses in American and Europe countries.Now,the whole world promote the low carbon economy environment,and our China also put forward the 13 th Five-year Plan which contains a great deal of information about cutting greenhouse gas emissions,taking proper measures to respond to climate change risks,behaving and monitoring negative business activities.With the increasing intensity of supervision,we can see that the status of carbon information disclosure is becoming more and more important and indispensable in the economic development of enterprises.In the research,I analyze the relationship between carbon information disclosure and enterprise value with the Efficient Market Hypothesis,Signaling Theory,Agency theory,Stakeholder theory and Social responsibility theory.Meanwhile,considering that the institutional investors is Carbon Disclosure Project's key components.Their information demand and consciousness give impetus to carbon information disclosure in international economic competition.Consequently,I introduce institutional investors,as a new variable,studies the relationship between carbon information disclosure,institutional investors and enterprise value.This paper,Firstly,divides different subprojects of carbon information,establishes scoring database,analyzes the contents of carbon information,scores and calculates the carbon information disclosure index.Second,puts the carbon information disclosure and enterprise value into multiple linear regression models to test the relationship between them.Then,sets intersection item to test whether the institutional investors hold different shares and the institutional investors(independent / non-independent)will influence the relationship between carbon information and enterprise value.The results show that carbon information disclosure is indeed related to the value of enterprises,the more carbon information disclosure,the more value enterprise will be.In addition,institutional investors can also influence the above two relations.The higher the proportion of institutional investors,the more the carbon information disclosure can positively influence the enterprise value.Finally,by distinguishing the category of institutional investor,found that the independence of institutional investors is beneficial to the promotion of carbon information disclosure to enterprise value.The research results can not only provide theoretical support for the relevant guidelines,laws and regulations,but also provide a realistic consult for the supervision of corporate carbon information disclosure behavior.It also can guide the disclosure of carbon information in market and promote the healthy development of capital market.