Impact Of Government Regulation And Corporate Governance On Carbon Information Disclosure

Human economic activities have brought extreme climate problems to the social environment.Excessive carbon emissions have caused a great impact on people's daily lives.Carbon emission reduction has become the focus of attention at home and abroad.Resource-based listed companies have high carbon emissions due to the particularity of their production that relies on mineral resources.Therefore,how to reduce carbon emissions and improve the level of carbon information disclosure has become an important issue faced by listed resource companies.Internationally,the UN Climate Conference has signed the "Kyoto Protocol",which details the statutory carbon emission limits and the specific implementation methods for countries to cooperate to achieve carbon reduction.In recent years,China has been committed to carbon emission reduction work.The country has issued a series of environmental regulations and guiding policies to continuously strengthen government supervision.In 2013,seven provinces and cities such as Shanghai,Beijing and Chongqing officially launched carbon trading pilots,and China's carbon trading market is beginning to take shape.With the implementation of the carbon trading mechanism,corporate carbon accounting methods have also been continuously improved,and carbon information disclosure has become an important global accounting management activity.At present,China has promulgated several laws and regulations related to the control of greenhouse gases,such as the “Air Pollution Prevention Law” and the “Environmental Protection Law of the People 's Republic of China”,continuously strengthening the government 's mandatory supervision of corporate carbon emissions.In 2016,the State Council issued the "Thirteenth Five-Year Plan for Controlling Greenhouse Gas Emissions," which requires China to actively participate in global climate governance,continuously promote the transformation of China's economy into a green and low-carbon development direction,and achieve coordinated development of ecology and economy.In December 2019,the Ministry of Finance issued the “Interim Provisions on Accounting Treatment for Carbon Emissions Trading”,which was issued to assist China 's carbon emission reduction work and provide relevant basis for the accounting treatment of carbon emissions trading.In the context of low-carbon development,corporate carbon information disclosure emerged at the historic moment.According to the theory of corporate governance,a good internal governance structure and governance mechanism can improve the quality of corporate accounting information disclosure.Resource listed companies,as the main body of carbon emissions,should actively improve the corporate governance structure,establish environmental awareness,and strengthen the management of corporate carbon accounting information disclosure and disclosure.When internal corporate governance and external government supervision complement each other,we can urge resource listed companies to actively cooperate with government supervision,improve the level of corporate carbon information disclosure,and promote carbon emission reduction.After reading relevant research on government supervision,corporate governance and carbon information disclosure by domestic and foreign scholars,this article defines various research variables.Based on environmental economics theory,legitimacy theory and corporate governance theory,theoretical analysis was conducted and research hypotheses were put forward.The research object was locked as a resource listed company.The data from 2016 to 2018 was selected as the research sample.The method of multiple regression analysis was used to study the effects of government supervision and corporate governance on carbon information disclosure,as well as different corporate governance.Whether the structure and governance mechanism will have a regulatory effect on the relationship between government regulation and corporate carbon information disclosure,and form internal and external synergies to enhance the level of corporate carbon information disclosure.Among them,the company's carbon information disclosure level is manually scored according to the evaluation system constructed by the content analysis method,the government supervision selects the local pollution source information disclosure index for measurement,and the corporate governance selects the equity concentration,board size,independent director ratio,and executive compensation Incentives are its proxy variables.The main research conclusions are:(1)Government regulation can positively promote the level of corporate carbon information disclosure;(2)The size of the board of directors,executive compensation incentives and the level of carbon information disclosure have a positive correlation,while the concentration of corporate equity It has a negative correlation with the level of carbon information disclosure;(3)Further considering the moderating role of corporate governance variables,it is found that the larger the size of the board,the stronger the government's supervision and the positive impact on the level of carbon information disclosure.It will weaken the positive role of government regulation in carbon information disclosure.The research in this paper provides a new empirical reference for improving the internal governance structure and mechanism of the enterprise,giving play to the macro-control effect of the government's "invisible hand" on the enterprise's carbon information disclosure behavior,and improving the enterprise's carbon information disclosure level.Relevant recommendations are made based on the research conclusions:(1)Governments in various regions should build a dynamic supervision mechanism with multi-sectoral coordination and comprehensive management and control to effectively play the role of government supervision;(2)A sound corporate governance mechanism should be established within the enterprise to guide enterprise cultivation Low-carbon and environmentally friendly development awareness;(3)Forming a government-enterprise-social interconnection collaborative governance mechanism.Improve the level of corporate carbon information disclosure,and then achieve the effective establishment and stable development of China's carbon trading market.