On The Relevance Between Carbon Disclosure And Enterprise Value

When low-carbon economy began to enter people’s vision,many countries have formulated requirements on carbon disclosure.The carbon disclosure of listed companies in China is still in its infancy,and the disclosure level of enterprises is quite different.The 19 th National Congress of the Communist Party of China has put forward higher requirements for the construction of ecological civilization.Among them,the development of low-carbon economy has become an important means to promote green development.China proposes to "focus on solving outstanding environmental problems".From here we see that corporate carbon disclosure plays an irreplaceable role in the development of low-carbon economy in the future.This paper compares the level of carbon disclosure and enterprise value of two case companies,and uses information asymmetry,signal transmission theory,and Environmental Kuznets curve theory to explain and analyze the impact of economic consequences of carbon disclosure on enterprise value.At the same time,focusing on the difference of marketization level between Guangxi Zhuang Autonomous Region and Zhejiang Province,in this paper,I add the marketization process to discuss whether regional differences will affect the relationship between listed enterprises’ enterprise value and carbon information disclosure,in order to supply a new vision for a deeper understanding of the characteristics of corporate carbon information disclosure and the impact of differences in the process of marketization.In addition,considering the nature of enterprises,this paper explores the differences between carbon disclosure and enterprise value between state-owned enterprises and non-state-owned enterprises.This paper aims to announce the particularity of the relevance between carbon disclosure and enterprise value,guide enterprises to actively and regularly disclose carbon related information,and realize the coordinated development of economy and ecological environment.This paper selects the listed companies of the heavy polluting industry in stock markets of Shanghai as the research object,collects the variables that need to be studied between 2015 and 2019,and uses stata15.1 to empirically analyze the correlation among carbon disclosure,marketization process and enterprise value.First of all,the paper analyzes the specific content of information disclosure of each sample enterprise,establish multiple linear regression model to test the relationship between carbon information disclosure and enterprise value.Among them,it is necessary to analyze the relevant indicators of specific information disclosure of each sample enterprise,score them and calculate the carbon information disclosure index.Secondly,the cross-multiplication method is used to test whether the marketization process has a moderating effect on the relationship between the two.The research results show that there is a positive correlation between carbon information disclosure and enterprise value,that is,the higher the level of carbon information disclosure,the more it can promote the increase of enterprise value.in addition,the process of marketization also moderates the relationship between carbon disclosure and enterprise value.In the areas with high marketization process,the better the carbon information disclosure,the higher the enterprise value;Finally,whether in regions with high marketization process or low marketization process,compared with state-owned enterprises,the relationship between carbon information disclosure level of non-state-owned enterprises and enterprise value is more significant.The research results of this paper will help enterprise management to realize the positive role and significance of carbon disclosure.At the same time,it provides a new idea for the government to establish an organic governance system matching with various regions and industries to promote the development of regions and enterprises.