Research On The Relationship Between Corporate Carbon Governance,Carbon Emission Reduction Target And Financial Investment

With the advent of the era of economic globalization and the prevalence of the concept of low-carbon development,more and more companies begin to pay attention to the Investment of energy conservation and environmental protection,and implement corresponding carbon emission reduction governance measures.On the one hand,in order to meet the development trend of green and low carbon,the company will take the initiative to disclose carbon information,in order to maintain the corresponding competitive advantage in the future business;On the other hand,if no corresponding action is taken,it will face pressure from the regulatory authorities,and there may be passive adjustment to meet the audit and supervision standards.As enterprises pay more and more attention to carbon governance and carbon information disclosure,more and more companies take the initiative to join the carbon information disclosure project(CDP),and work out emission reduction plans and targets in line with the development according to their actual conditions.At the same time,we also realize that carbon governance is not a task,but a corporate governance measure with both risks and opportunities.Based on the above analysis,this paper mainly studies the relationship between corporate carbon governance and the degree of completion of carbon emission reduction goals.This article first embarks from the global climate change the status quo,briefly analyzed from the enormous challenges posed by climate change,sums up the theoretical and practical significance of this study,and based on the information asymmetry,signal transmission,low carbon sustainable,stakeholders and the theory of voluntary disclosure of information analysis,set up corporate governance behavior and correlation theory of governance control tool.After reviewing relevant literatures at home and abroad,the correlation hypothesis between corporate carbon governance and non-financial indicator--emission reduction target is proposed.The relationship between the disclosure of corporate carbon governance information and the achievement of emission reduction targets is empirically explored.Considering that some internal and external characteristic elements may affect the relationship between corporate carbon governance and emission reduction goals,this paper added the target characteristics(emission reduction difficulty)and financial Investment into the research model to further study whether it has an impact on the relationship between corporate carbon governance and target completion.Firstly,this paper obtains the questionnaire responses of sample companies to the CDP climate change project,scores them according to the CDP 2015 scoring standard,obtains the progress of each company's emission reduction targets during the research period,and takes the management(Management)score of the report as the quantitative result of the company's carbon governance.Secondly,the datarelationship between corporate carbon governance and target fulfillment is put into a regression model.Then,the setting cross term method was used to test whether the target difficulty(range)and Investment support had an impact on the relationship between them.The results show that the more adequate corporate carbon governance is,the more practical progress can be made.In addition,the factor of emission reduction margin can have an impact on the relationship between corporate carbon governance and enterprise value.The larger the proportion of planned emission reduction,the more adverse the effect of corporate carbon governance on target completion.Planned Investment can also affect the relationship between corporate carbon governance and corporate value.The study found that the larger the planned Investment,the more beneficial the corporate carbon governance will be to the promotion of emission reduction targets.The research results can not only provide theoretical support for the carbon governance of Chinese enterprises,but also provide practical basis for the formulation of relevant standards and laws and regulations on carbon information disclosure.With the gradual implementation and improvement of carbon governance among enterprises,China's carbon trading market will be improved,and the remaining carbon governance capacity can be traded in the carbon market,which will further stimulate the market vitality and promote the healthy development of the company,the market and the environment.