The Influence Of Carbon Information Disclosure On Firm Value

Now because of the problems caused by climate change more and more serious,some aspects like low-carbon emission reduction and energy saving have attracted more and more people's attention.Many countries launched the corresponding regulatory measures and legal policies,it has become a trend for companies to take a low-carbon development path.However,at the same time of the low carbon economy became the focus of people's attention,consequences of carbon information disclosure on the economic remains to be seen.This paper selects the Social Responsibility Index Shares of Shanghai Stock Exchange as the sample.On the basis of the collection of data from company's annual report and social responsibility report,use the Carbon Disclosure scores as a measure of indicators for corporate carbon information disclosure quality.Then take empirical test of the Carbon Disclosure's effect on the value.First,we analyze the variables of all the sample companies by multiple regression analysis,analyze the impact of carbon disclosure on the value of the firm,and test whether the industry factors will have an impact on it.And then distinguish the industry factors,to study the different sectors of the carbon information disclosure level of the impact of corporate value.The result shows that there is a significant positive correlation between the level of carbon information disclosure and corporate value.To distinguish between industry factors and found that this positive correlation in the high-carbon industry is more obvious than the low-carbon industry.In this regard we explained that:Carbon information as a special social responsibility information,can send investors a positive signal and help enterprises in the community to establish a good external image,can also enhance the value of the enterprise.High-carbon industry can attract more attention from the public and supervision department,thus the disclosure of carbon information have a higher value relevance.In the low-carbon economy in this environment,the carbon information has attracted more and more people's attention.Carbon information will have an impact on corporate value,thus affecting the company's resource allocation.The relevant government department should develop laws and regulations to regulate carbon information disclosure,and introduce measures to improve the willingness of enterprises to voluntarily publish carbon information.From the investor's point of view they should enhance the importance non-financial information such as carbon information.The proportion of China's enterprises to disclose carbon information has been low,Carbon opaque hinder the implementation of enterprise risk assessment and carbon emissions trading system,and therefore,this paper suggests the corporate carbon disclosure reports become part of the mainstream integration,develop carbon Disclosure laws and regulations to improve the content and form standardize reporting and improve decision-making effectiveness of carbon information.Second,government agencies should improve the information through the development of mandatory carbon reporting system to enable enterprises realize the importance of carbon disclosure and ultimately achieve the purpose of saving.