Carbon Trading Pilot?Carbon Disclosure And Corporation Value

In the era of global low carbon economy,enterprises as the main body of carbon emissions onto the road of green development and low carbon development become the trend of the times.Stakeholders begin to pay attention to the economic consequences of climate change to enterprises,and require enterprises to disclose their carbon information.According to the survey results,the number of enterprises that disclose carbon information is relatively small.The reason is that the economic consequences of disclosing carbon information are uncertain.Therefore,this paper explores the impact of carbon information disclosure on company value and the industry difference.At the same time,China learned from the successful experience of the EU carbon trading market in October 2013 to started seven carbon trading pilot in order to solve the climate change by means of the market.First of all,the article expounds the relevant theoretical basis,and puts forward the contents of the article according to the theory of information asymmetry,the theory of signal transmission,the theory of sustainable development,the theory of legality and the Coase cost theory.Secondly,the article combs the relevant literature and summarizes the current research results.Thirdly,we analyze the relationship between carbon trading pilot,carbon information disclosure and enterprise value according to the related theory,and make a more detailed analysis according to the characteristics of the industry and the regional characteristics of the carbon trading pilot.In order to verify the hypothesis,all the A shares listed companies from 2009 to 2014 are investigated by CDP.As a research object,we build a mathematical model and use Stata12.0 to regress the model,and draw the conclusion based on regression results and robustness test.Finally,according to the conclusion of the article,combined with the current situation of carbon information disclosure in China,some suggestions are put forward.Through theoretical analysis and empirical study,it is found that there is a significant positive correlation between corporate carbon information disclosure and enterprise value;the correlation of carbon information disclosure value is stronger in the carbon intensive industry;the pilot carbon trading pilot has significantly positive impact on the value relevance of carbon information disclosure;compared with non pilot urban enterprises,the disclosure of carbon information by pilot city enterprises has no positive effect on enterprise value.It is presumed that the reason for the result is that the cut-off time for the selection of the data is in 2014,the carbon trading pilot in China is still in the primary stage,and the binding force of carbon emission and carbon disclosure is not strong.In addition,there is a common phenomenon in China,that is,the registered site of the listed company is not the business place of its business,This leads to the inaccuracy of judging whether the enterprises are located in the carbon trading pilot cities and grouping the samples is inaccurate.Moreover,the enterprises in the pilot cities are likely to be incorporated into the carbon emission reduction system.These enterprises are facing the pressure of forced emission reduction and the uncontrollable huge emission reduction costs,and the enterprises will reduce carbon emission and so on.The reputation gain of carbon information disclosure may be far lower than that of carbon emission reduction.The study enriches the research system of enterprise environmental responsibility,examines the relationship between carbon trading pilot,carbon information disclosure and enterprise value,and puts forward countermeasures and suggestions on the level of carbon information disclosure in our country and the company level.