Impact Of Carbon Information Disclosure On Enterprises' Green Technology Innovation

Global climate problems have gradually erupted in recent years,which is inseparable from people's excessive development of heavy industry and the lack of effective energy-saving and emission-reduction measures.With the increasing awareness of the risks of climate change,China has gradually entered the era of low-carbon economy.As the main body of governance,the green transformation of Chinese heavily polluting industry has become the only way,and Green technology innovation has become an important means for heavily polluting enterprises to achieve green transformation.However,because green technology innovation itself has the characteristics of long cycle,high cost,and high information asymmetry,so financing restrictions will inevitably restrict its development level.In the context of a low-carbon economy,carbon information disclosure plays an important role in reducing the degree of information asymmetry between corporate managers and other stakeholders.Therefore,the relationship between the quality of carbon information disclosure and the level of green technology innovation in Chinese heavily polluting industries has high research value.This paper takes 16 types of heavily polluted industries in China as a sample from 2015 to 2018,and uses multiple regression analysis to empirically study the impact of the quality of carbon information disclosure on the level of green technology innovation in China,and explores the impact of financing constraints as an intermediary variable.The path finally uses the property right of the enterprise as the adjustment variable to explore whether different property rights of the enterprise will affect the relationship between the two and provide some suggestions for Chinese policies about carbon information disclosure.The research results of this paper show that there is a certain room for improvement in the quality of carbon information disclosure and green technology innovation in Chinese heavily polluting enterprises;for Chinese heavily polluting industries,the quality of corporate carbon information disclosure will positively affect the level of green technology innovation in enterprises,and Corporate financing constraints are an intermediary variable between the two;compared with non-state-owned enterprises,state-owned heavily polluting enterprises have a stronger positive impact on the quality of their carbon information disclosure on the level of green technology innovation.This paper has a certain theoretical significance for deepening the research on corporate carbon information disclosure and green technology innovation,andalso has some practical significance in terms of relevant policies for improving the level of green technology innovation in heavily polluting enterprises and improving the quality of carbon information disclosure.