Research On The Carbon Disclosure Of Cross Listed Companies In Shanghai And Hong Kong

In the past ten years, climate change has gradually expanded from a proposition of natural science and political to a financial proposition and an economic one.This paper tries to enterprise carbon disclosure problems in the global response to climate change in the macro background, through empirical research in order to promote Chinese enterprises to better disclosure of carbon information for climate change in the governance practice, so as to improve corporate governance, to improve enterprise value to provide theoretical guidance. The data, cross listed companies’ stock price and reports from 2010 to 2015, is used to empirically analyze the impact of carbon disclosure on firm value, and driving factors of carbon disclosure.It is discovered that firm value significantly is positively correlated to carbon information disclosure level and corporate finance. On the opposite, negative correlation is found in corporate governance. And It is discovered that carbon information disclosure level significantly positive correlated to ownership concentration, corporate size, IPO date, and industry. The correlation between the board independence and carbon information disclosure level is inconspicuous.At last, we give some countermeasures that enterprises should improve their internal governance management framework, should take the responsibilities of carbon disclosure. Government departments should attach importance to the establishment, improvement of relevant policies, regulations of carbon disclosure system. At the same time, government should construct the system of disclosure of information for the development of China’s carbon enterprise. Investors should raise the awareness of carbon, in concern of the enterprise value to pay attention to enterprise carbon disclosure.