The Effect Of Carbon Performance And Information Disclosure On Corporate Value Of Listed Companies Of Coal Industry

The assessment report of the United Nations Intergovernmental Panel on Climate Change(IPCC)pointed out that the increasing greenhouse gas(GHG),mainly carbon dioxide(CO2)in the atmosphere,exceeds the reasonable standard,causing global warming.Enterprises are the primary source of carbon emissions in all human activities,so they are mainly responsible for climate change.93%of China’s energy comes from coal.The Chinese economy is characterized by energy-intensive industrial enterprises,whose energy sector accounts for 82%of all greenhouse gas emissions.Therefore,how to reduce the greenhouse gas emissions of coal enterprises is the focus of China’s carbon emission reduction.It can be seen that the carbon information disclosure and carbon performance of coal enterprises,as an important part of energy-saving and emission reduction plans,have a significant impact on increasing the value of enterprises,so they are also increasingly concerned.More and more companies will disclose their carbon information in company annual reports and sustainability reports.However,these studies are mainly concentrated in developed countries such as the United States,the United Kingdom,and Australia.For developing countries,especially China,research on carbon emissions is still very limited.Studies have also pointed out that although the number of companies disclosing carbon information has increased in recent years,investors have criticized companies for failing to provide information that can be used for investment decisions,some companies also were unable to fulfil their responsibilities to a broader range of stakeholders.The need for stakeholders to increase green awareness means that improving carbon performance is the key to the long-term development of most companies.However,this may involve increased costs during periods of global financial uncertainty.Increasing the level of carbon information disclosure will enhance the reputation of the company,thereby bringing profits to the company,but the exposure of unfavourable content may be counterproductive.Therefore,it is timely and necessary to study whether carbon information disclosure can improve carbon performance and whether carbon performance can enhance corporate value.This study uses 2012-2018 data of listed companies in the coal industry in China to study the impact of carbon information disclosure and carbon performance on corporate financial performance.Firstly,the research on the relationship between carbon information disclosure,carbon performance and enterprise value is analysed and sorted out,and the concepts of the three are defined.At the same time,it separately expounds the legitimacy theory,stakeholder theory,institutional theory and signal theory as the theoretical basis of the following,and puts forward relevant assumptions based on the above approach.In the empirical part,the study examined 27 companies in the coal mining and washing industry database of companies listed on the Shanghai and Shenzhen stock exchanges.Content analysis is used to extract carbon disclosure projects,greenhouse gas emissions data and company financial data.Data analysis uses multiple linear regression analysis to explore the relationship between carbon information disclosure and carbon performance in the coal industry and uses Canonical Correlation Analysis(CCA)in machine learning to explore the impact of carbon performance on corporate performance.The results show that the higher the level of carbon disclosure of listed companies in the coal industry,the better their carbon performance.At the same time,carbon performance is positively correlated with return on equity(ROE),total asset turnover(TAT),and return on investment(ROI).In contrast,it has a negative correlation with market value added(MVA).But overall,carbon performance is positively related to corporate value.In other words,in practice,companies that integrate carbon performance plans and effectively implement carbon management will receive considerable financial benefits.The results of this paper provide essential evidence for the impact of carbon information disclosure and carbon performance on company value and fill the gap in carbon in China’s massive pollution field.At the same time,for the first time,this article uses the typical correlation analysis of machine learning to analyze the relationship between carbon performance and the overall financial value of both accounting indicators and market indicators.It has improved the research from a single indicator analysis to a macro perspective.