Research On The Influencing Factors Of Carbon Information Disclosure In Listed Companies

In recent years,with the dramatic increase in greenhouse gas emissions,a series of environmental problems such as sudden rise in temperature,melting of glaciers,rising sea levels,and inclement weather have frequently occurred on a global scale.These phenomena have attracted worldwide attention.In order to alleviate the negative impact of these problems and seek sustainable development,governments of all countries have taken active measures to control them.Under the background of low-carbon development,the term “carbon accounting” has entered the academia.Carbon disclosure is the starting point and foundation of carbon accounting research.With the increasing development of the carbon trading market,stakeholders such as the government,investors,and the public are paying more and more attention to the company's carbon disclosure.As the responsible party for carbon emissions,the carbon emissions of heavily polluting enterprises,such as steel,thermal power,and coal,are highly concerned.Although more and more heavily polluting enterprises are now focusing on environmental protection and gradually disclose carbon information,China has not only a complete carbon disclosure system,but also has not formed a unified standard on carbon disclosure and measurement methods.In addition,carbon emissions management is not perfect,lack of low-carbon development of publicity and education,these reasons led companies to see only short-term earnings,failed to see the opportunities and benefits of carbon disclosure on their own development,and thus the lack of disclosure of consciousness.Therefore,the level of carbon disclosure in heavily polluting enterprises has been low and the effect is not satisfactory.Therefore,in order to effectively improve the general situation of the low level of carbon disclosure in heavily polluting enterprises,it is necessary to proceed from reality and discover the main factors affecting their disclosure level.This article is based on annual reports of listed companies in heavily polluting industries,social responsibility reports,etc.first of all,carbon information,carbon information disclosure,heavy pollution industries,sustainable development theory,stakeholder theory,trust Agency theory was defined,and then the main factors affecting the carbon information of listed companies inheavily polluting industries were selected and determined.From 2014 to 2016,270 listed companies in heavy polluting industries in Shanghai and Shenzhen were selected,with a total of 810 data samples.On the basis of supplementing the comprehensive evaluation index of carbon information disclosure,an empirical study was conducted on the factors affecting carbon disclosure in terms of monetary policy,administrative supervision,economic development level,company size,profitability,cash strength,and development capacity.Through comparison and empirical research,the conclusions are as follows:Administrative supervision,economic development level,company size,profitability,cash strength,and development capacity are positively related to the level of carbon disclosure of listed companies in heavily polluting industries and monetary policy is significantly negatively related.They are in line with the hypothesis.however,monetary policy does not meet the expected results.On the basis of this conclusion,this paper makes suggestions to raise the level of carbon disclosure of listed companies in heavily polluting industries from the three levels of internal and external supervision of companies and theoretical research.It extends the research in the field of carbon information disclosure to a certain extent,and provides new solutions for low-carbon society.