Research On The Relationship Between Carbon Information Disclosure Quality,External Pressure And Corporate Performance

With the introduction of the "Katowitz Climate Consensus",the proposal of "Sustainable Finance" and the establishment of a national carbon trading market,climate change has been raised to the height of the national strategy.The G20 Sustainable Finance Report point out that the problems of "lack of information" and "asymmetric information" in the current economic development are significant.Carbon emissions of enterprises have attracted widespread attention from stakeholders such as the government and the public.Carbon information disclosure is a bridge between companies and stakeholders to communicate their carbon emissions.At present,companies mainly disclose their carbon emissions through annual reports,social responsibility reports and sustainable development reports.This paper sort out existing research,and analyzes the mechanism of the relationship between carbon information disclosure quality,external pressure and corporate performance based on Contract Theory,Stakeholder Theory and Legitimacy Theory.The energy-based A-share listed companies which disclosed the social responsibility report from 2015 to 2018 are selected as research samples.Based on the theoretical analysis,a content analysis method has been used to build a carbon information disclosure quality evaluation system,with the help of software such as EXCEL,SPSS and STATA analysis the relationship between the quality of carbon information disclosure,external pressure and corporate performance,to provide economic incentives for companies to disclose high-quality carbon information.The multiple linear regression result demonstrates that:(1)External pressure is significantly positively related to the quality of carbon information disclosure.Among them,government pressure can promote the improvement of corporate carbon information disclosure quality from the perspective of mandatory institutional pressure;media supervision can also promote corporate disclosure of carbon information from the perspective of non-mandatory public pressure;(2)The quality of carbon information disclosure and Corporate performance is significantly positively correlated,the higher the quality of carbon information disclosure,the higher the corporate performance;(3)Government pressure has a positive adjustment effect on the relationship between carbon information disclosure and financial performance,while media has a positive effect on the relationship between carbon information disclosure and corporate performance,but the degree of influence is limited,and it cannot have a significant positive adjustment effect on the relationship between the two.Finally,based on the result of theoretical analysis and empirical testing,this paper suggests that the government,as a "tangible hand" in the socialist market economy,should improve the carbon information disclosure mechanism,and strengthen the supervision of carbon information disclosure.During carbon information disclosure mechanism construct process,consider it with the construction of carbon trading market and sustainable finance as a whole.The government should build an all-round transmission channel of carbon information,at the same time,they must effectively use the media information and create a good environment for media supervision The media,as an indispensable medium for information dissemination in contemporary life,should play a good role of public opinion supervision.Companies as the main body of the market economy should recognize the benefits of carbon information disclosure brings to them.Do not regard carbon information disclosure as a burden,but use it as an opportunity to distinguish themselves from other companies.Proactively disclose high-quality carbon information to obtain differentiated competitive advantages and promote the sustainable development of a low-carbon economy.