| In recent years,China’s increasingly serious haze problem requires environmental protection and energy conservation.In the"13th Five-Year Plan"in 2016,the government put forward the goal of"improving the overall quality of ecological environment"for the first time.The green development concept is one of the five development concepts,which fully demonstrates the determination of the state and the government to take the low carbon road.The development of low-carbon economy has become a sustainable development strategy in China,followed by the rise of carbon accounting and carbon information disclosure has gradually been people’s attention.Carbon information disclosure is the main form of carbon accounting,which can provide the enterprise’s stakeholders and the society to provide the enterprise carbon emission,energy saving and emission reduction information and other social responsibility to fulfill the situation,is conducive to enterprise control of carbon emissions,to achieve sustained and healthy development of enterprises.Based on the theory of social responsibility,stakeholder theory,agent theory,legitimacy theory and information asymmetry theory,this paper studies the relevance of carbon information disclosure from the aspects of institutional environment and corporate governance,And provides a new perspective on the relevance of corporate governance to carbon information disclosure from a different institutional perspective.This paper puts forward the hypothesis of the mechanism of interaction between institutional environment,corporate governance and carbon information disclosure,and constructs the empirical research model accordingly.Based on the resources such as RESSET and CSMAR database,a total of 1245 sample data of 415 listed companies in Shanghai and Shenzhen A-shares of heavy polluting industry were selectedfrom 2013 to 2015,and carbon information disclosure was quantified by content analysis method.Through the analysis of the variables,descriptive analysis of variables,multiple regression analysis,robustness test on the relationship between institutional environment,corporate governance and carbon information disclosure,the following conclusions are drawn:（1）The process of marketization,government regulation and carbon disclosure level are positively correlated.（2）The nature of ownership,the proportion of independent directors,the concentration of ownership,the number of board of supervisors and the level of carbon disclosure are positively correlated.（3）When the enterprise is in a better institutional environment,the nature of the stock ownership,ownership concentration and the number of the board of supervisors have a greater impact on the carbon disclosure.While the proportion of independent directors in this play a small role.According to the empirical results,this paper puts forward some suggestions from three aspects:（1）Enterprises should actively take social responsibility,focusing on the sustained and healthy development of enterprises.（2）Enterprises should optimize the internal management mechanism,improve the proportion of independent directors,improve the concentration of equity,the selection of more qualified personnel to enter the board of supervisors,to protect the independence of independent directors.（3）Enterprises should actively cooperate with relevant government departments to respond to policy requirements. |
