The Impact Of Carbon Performance And Carbon Information Disclosure On The Performance Of Energy Enterprises

As countries around the world enter the era of low-carbon economy,my country,as the largest carbon-emitting country,has also incorporated climate change into its "13th Five-Year Plan",and established a unified national carbon emissions trading market by the end of 2017.However,at present,most enterprise managers are still on the sidelines,and their enthusiasm for implementing carbon emission reduction strategies is not high.They also regard carbon information as important internal information without public disclosure.This paper studies the economic consequences of carbon performance and carbon information disclosure on corporate performance,and has a positive significance for promoting corporate carbon emission reduction.Existing studies,whether it is carbon performance or the impact of carbon information disclosure on corporate performance,have failed to reach a consistent conclusion.They have not considered the mutual adjustment effect of carbon performance and carbon information disclosure on the impact of corporate performance,and according to carbon The giant reports that more than 50%of global greenhouse gas emissions come from fossil fuel producers,but there is no relevant research on energy companies.Therefore,this paper selects energy companies listed in Shanghai and Shenzhen as samples,and based on the corporate annual report and social responsibility report released in 2013-2018,empirically analyzes the performance of carbon performance and carbon information disclosure on corporate performance from the perspective of market performance and financial performance.influences.The research conclusions of this article are as follows:(1)The positive disclosure of carbon information can promote the performance of enterprises.The disclosure of carbon information can not only improve the market performance,but.also significantly promote the financial performance of enterprises.Compared with non-financial carbon information,financial carbon information disclosure has more significant correlation with market performance and financial performance.(2)Improving carbon performance of enterprises has a positive effect on enterprise performance.With the improvement of carbon performance level,the punishment risk and operation risk faced by enterprises will also be reduced,which enhances investor confidence and improves the market performance of enterprises.Moreover,the higher the carbon performance level,the lower the energy consumption,the lower the energy cost,and the higher the financial performance.(3)Carbon performance and carbon information disclosure will have a more significant impact on corporate performance.The positive effect of improving carbon performance and disclosing carbon information is stronger than only improving carbon performance or disclosing carbon information.(4)The synergistic effect of corporate carbon performance and carbon information disclosure on corporate market performance is more significant.Through comparative analysis,it is found that the synergy of corporate carbon performance and carbon information disclosure has a significantly stronger impact on corporate market performance than on financial performance,indicating that investors pay more attention to corporate carbon emission reduction,so the positive role of promoting corporate market performance is more significant.