Research On The Value Effect Of Corporate Carbon Information Disclosure Based On The Regulation Effect Of Public Pressure

Along with economic development and the expansion of population size,the world’s coal,petroleum and other heavily polluting energy sources are being consumed in large quantities,leading to frequent occurrence of various ecological problems and posing a significant threat to social and economic development.The report of the Nineteenth National Congress of China pointed out the need to accelerate the establishment of a green,low-carbon,circular economic system.The launch of the national carbon emissions trading system is an important measure to promote the development of a low-carbon economy,which has gradually brought the company’s carbon information to the attention of the market and stakeholders.But at present,the carbon information of Chinese enterprises still belongs to the scope of voluntary information disclosure.For investors and other stakeholders,companies’ non-disclosure of carbon information will increase the information search costs of external investors and change their investment behavior.The carbon disclosure activities of enterprises are likely to bring potential value effects.In addition,the development of enterprises is deeply affected by external public pressure,and the expectations of other interest groups need to be fully considered in decision-making,and social responsibilities must be proactively undertaken.After the introduction of public pressure as a moderating variable,the value effect of carbon disclosure on enterprises may change,and the degree of its impact may also have significant differences.Based on the above background and development situation,this article deeply explores the value effect of corporate carbon information disclosure,and analyzes the regulatory effect of public pressure on it,which has certain theoretical value and practical significance.Based on reading and collating a large amount of literature,this article takes public pressure as the research perspective,including government regulation,media attention,and environmental organization supervision.This paper selects the data of 100 listed companies in the Shanghai Stock Exchange Social Responsibility Index from 2011 to 2018 as a research sample to analyze the correlation between carbon information disclosure and corporate value.Furthermore,this paper also studies the moderating effect of public pressure on the value effect of corporate carbon disclosure.The results show that from the perspective of short-term operating results,the increase in the level of carbon information disclosure will initially inhibit the growth of corporate value,but to a certain extent,it will promote value growth.However,from the perspective of long-term market value,carbon information disclosure has a positive effect on the long-term market value of enterprises.And the greater the public pressure on the company,the more significant this value effect will be.This paper introduces the adjustment effect of public pressure into the research on the value effect of carbon information disclosure,explores the significance of the value effect from the perspective of short-term business results and long-term market value,and creatively divides public pressure into government,media and environmental protection organizations.In addition,this article analyzes the adjustment effect of public pressure on the value effect of corporate carbon disclosure from the perspective of linear regulation and U-type regulation.This conclusion provides evidence for promoting carbon trading activities and carbon information management,strengthening the government’s environmental regulations,improving the external governance function of the media,and effectively exerting the power of environmental protection organizations,which has certain research contributions and innovation.