Double Case Study On Corporate Carbon Emission Information Disclosure And Its Market Response

In December 2017,the State Council announced plans to establish the world’s largest carbon emission trading market.At the same time,it also issued a series of regulations and documents related to reducing carbon dioxide emissions,such as "Major Work on the Key Work of the National Carbon Emission Trading Market" and "Notice of the State Council on the Issuance of the 13 th Five-Year Plan of Work on Greenhouse Gas Emission Control",and China’s low-carbon policies.The carbon trading system is gradually mature,and the awareness of low carbon emission reduction of enterprises is gradually strengthened.With the expansion of domestic carbon market and the maturity of carbon trading system,corporate carbon emission information disclosure,as the cornerstone of the establishment of carbon trading market,is becoming more and more important.At present,the domestic carbon disclosure policy system is still in its infancy,and the disclosure standards of carbon emission information need to be improved.Therefore,the study of corporate carbon information disclosure and market reaction has important theoretical and practical significance.This paper is based on social responsibility theory,sustainable development theory,signal transmission theory and efficient market theory.Use normative research,descriptive statistical analysis and event research methods.The current situation of carbon disclosure system and the implementation of Carbon Disclosure in enterprises are analyzed.The gap between China’s and Europe’s carbon disclosure systems is analyzed in detail from the content,form and influencing factors of carbon disclosure.Drawing lessons from experience,this paper summarizes the existing shortcomings of Carbon Disclosure in China,and puts forward corresponding suggestions to improve carbon information disclosure.Then this paper uses the event study method to analyze the market reaction brought by the case enterprise carbon information disclosure.This paper chooses the release date of Huaxin Cement Carbon Emission Trading Contract and Lafargeholcim’s announcement of the carbon trading quota of the previous year to study.Through two specific case studies,this paper compares the carbon information disclosure and analyzes its impact on the market reaction.Then the market reaction of the same industry enterprises on the event day is analyzed.Finally,the negative and positive market reaction of carbon information disclosure voluntarily disclosed by China’s heavy polluting enterprises are analyzed.From the perspective of market reaction,this paper studies the impact of carbon information disclosure on enterprises and enterprises in the same industry.Finally,through the current situation of carbon information disclosure at home and abroad,experience analysis and market reaction analysis of carbon information disclosure of Huaxin Cement and Lafargeholcim Group,it is concluded that carbon information disclosure had a significant impact on enterprises in the short term,but the impact can not last long.The reason is that China’s carbon emission information disclosure is not systematic at present,which is less than that of western countries with sound systems.Because of the lack of quantitative information and abundant disclosure methods,investors can not effectively identify the level of carbon disclosure.At the same time,it puts forward that the government and enterprises should attach importance to carbon emission reduction,establish a systematic carbon disclosure system,strengthen the rules of carbon information disclosure,formulate and implement a comprehensive policy of mandatory disclosure of carbon information,and looks forward to the prospects of carbon information disclosure of enterprises in other industries in China.