An Empirical Study On The Influence Of Carbon Information Disclosure On Enterprise Value

Although the growth rate of global carbon emissions has been slowed,the overall carbon emissions will increase further.With the development of economy,the issue of climate change caused by greenhouse gas emission has always been the focus of people’s attention.As the micro subject of emission reduction activities,the consciousness,action and effect of emission reduction of enterprises are very critical.As a window for enterprises to demonstrate their commitment,whether carbon information disclosure can enhance enterprise value has become a hot topic for scholars to discuss.At present,most studies focus on carbon information disclosure as a whole to explore its impact on enterprise value.However,there are not many researches on how to divide the dimension of carbon information disclosure from the perspective of monetization and then discuss the enterprise value,and relevant empirical studies are also scarce.Therefore,this paper focuses on the relationship between the two dimensions of carbon information disclosure and enterprise value.Based on legitimacy theory and signaling theory,this paper analyses the existing research on carbon information disclosure,and finds out the measure of carbon information disclosure and the relationship between carbon information disclosure and the enterprise value,and the mechanism of the government environmental regulation and subsidies.Then this paper takes the panel data of a-share listed companies in heavily polluting industries in Shenzhen and Shanghai from 2014 to 2018 as the research objects,using STATA14.0 and SPSS21.0 software to test the research hypothesis,the following conclusions are obtained:(1)Different dimensions of carbon information disclosure will have different impacts on enterprise value.Among them,monetary carbon information disclosure has a significant negative impact on enterprise value.Enterprises with a higher level of monetary carbon information disclosure tend to pay more costs for emission reduction,thus reducing the overall judgment of investors,which is not conducive to the improvement of enterprise value.The level of non-monetary carbon information disclosure has a significant positive impact on enterprise value.High level of non-monetary carbon information disclosure can convey the signal of enterprises’ active participation in energy conservation and emission reduction,which will reduce the adverse selection problem caused by information asymmetry between government and enterprises,and further enhance enterprise value.While carbon information disclosure level has a significant negative influence on enterprise value.Compared with the monetary carbon information disclosure,the non-professionals can not accurately understand non-monetary information.As a result,textual carbon information can not fully meet the needs of users,so it is impossible to make an accurate judgment on the enterprise.In addition,the high cost of disclosing monetary carbon information and the low efficiency of emission reduction benefits will reduce investor confidence.Therefore,the carbon information disclosure is not conducive to the improvement of enterprise value.(2)Government environmental regulation will affect the relationship between carbon information disclosure and enterprise value.Government environmental regulation is the constraint that the government imposes on enterprises to achieve policy objectives.The stronger the government’s supervision,the higher the emission reduction will cost.Therefore,carbon information disclosure will lead to the reduction of enterprise value Similarly,under the government’s environmental supervision,monetary carbon information disclosure can more directly reflect the company’s emission reduction effect and cost,so it has a greater negative impact on the improvement of enterprise value.Compared with government environmental subsidies,enterprises’ emission reduction benefits are not enough to cover their costs.Therefore,whether it’s monetary or non-monetary carbon information,government environmental subsidy has little effect on its relationship with enterprise value.The regulatory role of government environmental subsidy is not significant.