The Impact Of Carbon Disclosure On Corporate Value

In recent years,extreme weather and major natural disasters around the world have become more frequent.Last year,hurricanes in the Atlantic,severe wildfires in California,monsoon anomalies in South Asia,suffocating heat waves in Europe,and more and more losses from extreme weather are reminding us that climate change is affecting social stability and economic development.There is a global focus on climate change,from cooperation among governments to independent action by companies,and various sectors and industries have taken concrete actions to mitigate climate change,including carbon management,carbon inventory and carbon disclosure."Low-carbon development" has become a new trend of world economic development.Carbon information disclosure is increasingly concerned by enterprises.However,the economic consequences of enterprises'disclosure of carbon information are still unknown.Then it puts forward research hypothesis,designs variables and constructs empirical model on the basis of theoretical analysis and literature.The data is composed of foreign data and domestic data.The foreign data are selected from the carbon information disclosure data of the top S&P 500 enterprises in the CDP project from 2012 to 2014.The impact of carbon information disclosure on current and intertemporal enterprise value is discussed by using foreign data.This paper attempts to study the relationship between carbon information disclosure and enterprise value from the perspective of internal economic motivation of enterprises from the capital market and product market.This paper defines the concept of carbon information disclosure content and enterprise value by combing and analyzing the previous literatures at home and abroad,and expounds the mechanism of carbon information disclosure affecting enterprise value theoretically.Then it puts forward research hypothesis,designs variables and constructs empirical model on the basis of theoretical analysis and literature.The data is composed of foreign data and domestic data.The foreign data are selected from the carbon information disclosure data of the top S&P 500 enterprises in the CDP project from 2012 to 2014.The impact of carbon information disclosure on current and intertemporal enterprise value is discussed by using foreign data.It is found that whether it's in the capital market or the product market,carbon information disclosure has no correlation with the current enterprise value,and has a significant positive effect on the inter-period enterprise value.This means that in the current perspective,the disclosure of carbon information has nothing to do with the enterprise value,but in the future perspective,the future benefits are far outweigh the losses of the current,this phenomenon is a short-term and long-term microcosm.Domestic data is selected from the data of 2016-2017 published by the Environmental and Economic Research Center of Shanghai Fudan University.Due to the limitations of the data,only the impact of carbon information disclosure on enterprise value in the current period was explored using the domestic data,and the results are unrelated.Although carbon information disclosure does not affect enterprise value in the short term,according to foreign research results,such irrelevance is only temporary.Carbon information disclosure is in line with long-term interests and the concept of sustainable development of enterprises,and also provides support for the utility of carbon information disclosure of enterprises.Finally,some measures taken from foreign countries can be used as reference for domestic carbon information disclosure from three levels of government,society and enterprises,which can be used as reference for accelerating the transformation of negative effect to positive effect of domestic carbon information disclosure.