Research On Correlation Between Carbon Disclosure Level And Enterprise Financial Performance

In recent years,global temperatures have gradually increased,and extreme weather has also become commonplace.This not only threatens the balanced development of natural ecosystems,but also causes great persecution of human existence.In order to deal with climate change and control air pollution,all countries in the world are making active efforts and attempts.In response,China has also taken many measures.At the end of 2017,the launch of the nationwide carbon emissions trading market was a crucial step for China in the path of low-carbon development,and it was a major breakthrough in China's carbon governance issues while it was becoming more practical and marketization.At the same time,we also need to recognize the urgency and necessity of carbon information disclosure.Only by mastering comprehensive and complete carbon information,can we improve the carbon market construction and ensure the stable operation of the carbon market.Since China has not submitted mandatory disclosure requirements,the disclosure of carbon information is not optimistic.Based on this,this paper explores the motivation and economic effects of carbon information disclosure from the perspective of corporate financial performance and puts forward relevant policy recommendations.Firstly,on the basis of literature review,related concept definition and theoretical analysis,this paper puts forward research hypothesis that carbon information disclosure and corporate financial performance influence each other,and uses the analytic hierarchy process to determine the index weights of the criterion layer and the indicator layer,constructs a more reasonable evaluation index system,and build a corresponding regression model.Secondly,this paper selects the A-share extractive industries in Shanghai from 2014 to 2016 as the research sample,such as mining industry,metal,non-metals,petrochemicals,paper-making and printing in manufacturing industry,and the production and supply of the electricity and gas,as well as other high-carbon emission industries.After eliminating the missing values,156 high-carbon enterprises and 468 samples were finally obtained.Then,this paper conducts an empirical analysis of the level of carbon information disclosure and corporate financial performance.Taking endogenous problems into account,simultaneous equations were established and regressions were performed using a two-stage least-squares method.Through descriptive statistics,it can be found that the overall level of carbon information disclosure in China's high-carbon emission industry is still lower.There is much more room for improvement.In addition,the financial performance of various enterprises also have great differences,and some even have a loss phenomenon.Through the regression results,it can be found that the level of carbon information disclosure and the internal financial performance have a significant positive role in promoting each other,and the external market performance of enterprises is positively correlated with each other,but the correlation does not pass the significant test.Finally,based on the conclusions of this paper and the status quo of carbon information disclosure in China,relevant suggestions for improving the level of carbon disclosure are proposed from the three dimensions of the enterprise itself,the government,the regulatory authorities,and the public.