The Impact Of Carbon Disclosure On Corporate Value:The Mediating Role Of Corporate Reputation

As global warming has a more and more serious impact on the development of human society,governments,social organizations and enterprises in various countries have made great efforts to save energy and reduce carbon emissions.As an effective way for enterprises to communicate with stakeholders,carbon information disclosure can increase the transparency of carbon information and alleviate the information asymmetry,which is widely welcomed by enterprises and stakeholders.At the same time,academia has also begun to study carbon information disclosure.However,as an emerging field,the research of carbon information disclosure is not yet very rich.However,the research conclusions about the economic consequences of carbon information disclosure are not the same,and some are even opposite.The research on the relationship between carbon information disclosure and enterprise value often simply examines the relationship between the two and does not deeply probe into how carbon information disclosure affects corporate value.Based on this,this article focuses on the heavily polluting industry and discusses how carbon information disclosure affects corporate value.In order to study whether corporate reputation has an intermediary role in the process of carbon information disclosure affecting corporate value.Firstly,this paper studies the domestic and international research results on carbon information disclosure,corporate reputation and corporate value.Then,based on the theory of stakeholder,information asymmetry,signal transmission and sustainable development,this paper analyzes the relationship between carbon information disclosure and enterprise value,the relationship between carbon information disclosure and corporate reputation,the relationship of carbon information disclosure,corporate reputation and enterprise value,and put forward 3 research hypotheses: carbon disclosure is positively correlated with corporate value,carbon disclosure is positively correlated with corporate reputation,and corporate reputation has a mediating role in the relationship between carbon disclosure and corporate value.Finally,the index system of carbon information disclosure was constructed to measure the level of corporate carbon information disclosure.By using Excel and STATA 13.1 software,multiple regression analysis and logistic regression analysis were used to analyze the 894 samples of listed companies in China's heavily polluting industries from 2014 to 2016 conduct the empirical research.The research shows that carbon disclosure level of listed companies in heavy polluting industries is relatively low.And there is a significant positive correlation between carbon information disclosure and enterprise value.If the corporate carbon information disclosure level is higher,its corporate value will be higher.There is also a significant positive correlation between carbon information disclosure and corporate reputation.The carbon information disclosure helps to improve corporate reputation,corporate reputation on carbon information disclosure and the relationship between corporate value has some intermediary role,the impact of carbon information disclosure on corporate value through the corporate reputation of the information delivery mechanism to achieve,corporate carbon information disclosure can enhance the corporate reputation,and the reputation of enterprises can further have a positive impact on corporate value.Finally,based on these research results,this paper also put forward some relevant policy recommendations,in order to promote China's listed companies improve the level of carbon disclosure.