Research On Carbon Disclosure Of Baosteel From The Perspective Of Carbon Neutrality

On September 22,2020,General Secretary Xi Jinping made it clear at the 75 th Session of the United Nations General Assembly that China will strive to achieve carbon peaking by 2030 and carbon neutrality by 2060.This will not only change the course of the world's response to climate change,but also bring new opportunities and challenges to business operations.The Carbon Disclosure Project(CDP)China report of the past three years points out that more and more enterprises have begun to realize that carbon emission reduction will affect their business operations and gradually introduce low-carbon development strategies into their business development plans.Some domestic and foreign experts and scholars have also confirmed that carbon information disclosure will have a certain impact on corporate value.Based on this background,the disclosure of carbon information brought by enterprises' production and operation activities will be paid close attention.As a form of manifestation of enterprises' social responsibility,its importance becomes increasingly prominent.As a pillar industry in China,iron and steel industry is in urgent need of transformation and development due to serious carbon pollution.In this paper,baosteel,a representative of the steel industry,is selected as the research object to study the company's carbon information disclosure from the perspective of carbon neutrality.Of carbon carbon neutral perspective of disclosure of information analysis,found that under the background of carbon neutral company is obviously positive promoting carbon disclosure behavior,including external factors mainly comes from the pressure of the low carbon policy and the needs of stakeholders,internal motive is mainly based on their own good image and the target of sustainable development of the company's needs.Secondly,we adopt horizontal longitudinal comparative analysis method,analyzes the carbon neutral perspective of baosteel carbon information quality,the study found that the carbon carbon neutral perspective of each steel company information disclosure quality are improved,including baosteel carbon disclosure quality is significantly higher than other steel companies,leading level,but there are still some deficiencies,such as no unified disclosure standards,The distribution of carbon information disclosure is scattered,the proportion of text information disclosed is large,and there is a lack of disclosure of carbon performance indicators.Finally,this paper analyzes the impact of carbon information disclosure on company value,firstly,by using the event study method to study the short-term market reaction brought by positive and negative carbon information disclosure events,and finds that the market reacts well to positive carbon information under the carbon neutral perspective,while the short-term value of the company decreases significantly for negative carbon information disclosure.Then this paper on the basis of the carbon disclosure quality score,selected the case company and citic special steel baotou steel shares,calculated found before and after the targets of carbon neutral in our country,the company cost of capital is obvious,maximum drop of history,including baosteel rights in recent years,the cost of capital declines significantly higher than the other two companies.This leads to the conclusion that carbon information disclosure has a positive effect on the long-term value of the company.Case studies found represented by baosteel problem of carbon steel industry information disclosure in our country,confirmed the carbon disclosure of information on the company's long-term value has certain promotion effect,the effectiveness of carbon disclosure of information to the company provides the theoretical support,to strengthen the company's carbon disclosure of information consciousness,science for iron and steel industry to carry out the carbon disclosure,It provides a theoretical basis for realizing green and high quality development.Finally,in view of the common problems existing in China's steel industry carbon information disclosure,the paper puts forward specific suggestions from the national,corporate and social levels,which will help improve the quality of China's enterprises' carbon information disclosure,accelerate the low-carbon transformation of enterprises and the national carbon neutrality goal process.