Carbon Emissions Rights Scheme?Corporate Governance And Carbon Information Disclosure

The international community has recognized the main cause of climate change is greenhouse effect which scientists accused of excessive growth of carbon emission.In order to urge enterprises to reduce carbon emission Chinese government has announced that China would establish an national carbon emissions trading market in 2017.More and more enterprises will join carbon trading system so as to involve higher proportion of total emission.Therefore,carbon information would have importance meaning on carbon market as same as financial information of companies on capital market.Lots of scholars devoted themselves to studying the fulfillment of environment responsibility of enterprises belongs to high-emission industries or energy-intensive industries.Many foreign research findings reflected the influence of carbon trading system on carbon information disclosure,we have reviewed existing research achievements and explored the influence factors of carbon information disclosure using micro panel data from companies of China conditions.This paper also analyzed influence of ownership concentration and property right characteristic.First of all,this paper evaluated carbon information disclosure level of 125 companies from year 2012 to2015;Secondly,according to the signal transmission theory,information asymmetry theory,externality theory,agency theory system system theory,we raised four hypotheses to analyze relations between corporate governance factors and carbon information disclosure and between carbon trading system and carbon information disclosure.We found that: Most of carbon information disclosure few related to trading information while more inclined to specific activities like carbon emission reduction,low-carbon strategy formulation and so on.The implementation of carbon emission trading system has significant positive influence on voluntary carbon information disclosure level,which means enterprises are more willing to disclose information when they face strict institutional constraints;No matter whether state-owned enterprises participate in the carbon emissions trading system,they have better performance on carbon information disclosure.And we failed to verify ownership concentration has negative influence on carbon information disclosure,which perhaps because most of the samples we selected are state-owned companies who are willing to disclosing much information to cope with government pressure.In a word,this paper explored four kinds of relationship among trading system,corporate governance factors and carbon disclosure.The results could not only provide reference for government departments to establish an effective trading system,and also provide new thoughts about company governance factors for further analysis of carbon disclosure.