Study On The Relationship Between Enterprise Carbon Information Disclosure,cost Of Capital And Comprehensive Performance

The global air pollution and destruction of the ecological environment has become a key constraint on human development at this stage.On the basis of this,our carbon risk awareness should be improved.As the basic unit of social economy,corporation and its carbon risk awareness shows that it’s strategic vision and green competitiveness.As a bridge connecting enterprises and the public,the corporation’s carbon information disclosure quality became a great measure of the corporation’s carbon risk awareness.By disclosing their relevant carbon information to the public,corporations convey their efforts in the protection of environmental resources.In this paper,we recognized carbon risk awareness of enterprises by learning the quality of carbon information disclosure and tried to make it clear whether there are relationships between enterprise carbon Information disclosure,cost of capital and comprehensive performance.The paper first established two evaluation systems,which are the carbon information disclosure quality system and the comprehensive performance evaluation system.In the empirical process,a total of 590 companies with complete data from 2010 to 2016 are selected.At the same time,this paper introduces the intermediate variable of equity capital cost,and through regression analysis,it can verify whether the enterprise carbon information disclosure affects the comprehensive performance of enterprises by influencing the cost of equity capital.Considering that the carbon emissions of enterprises as the internal driving force of carbon information disclosure and the state-owned holding as an important external influencing factor of carbon information disclosure,this paper adds further empirical analysis to the two factors of carbon emission and state-owned shareholding.In the empirical process,this paper adopts several ways to make it clear,including descriptive statistics,analytic hierarchy process and multiple regression analysis.The empirical results are as follows:(1)The carbon information disclosure of enterprises can promote the capitalization and enhanced improve the comprehensive performance.(2)Carbon emissions are an important factor affecting the disclosure of carbon information in enterprises and affect the impact of carbon information disclosure on capital costs and Comprehensive performance.(3)The carbon information disclosure of the state-owned holding enterprises is of high quality,and its impact on the comprehensive performance of enterprises is more obvious than any other corperations.At the end of the article,this paper puts forward the corresponding policy suggestions on the development of enterprise carbon information disclosure based on the empirical results.