Research On The Impact Of Carbon Information Disclosure And Carbon External Governance On Enterprise Performance ——A Case Study Of Listed Companies In China’s Energy Industry

In recent years,with the continuous progress and development of economy and society and the gradual improvement of human living standards,the carbon emissions generated by industrial industries and people’s daily life are constantly rising,which leads to the intensification of global greenhouse effect.Advocating energy conservation and emission reduction has become the consensus of all countries in the world.Therefore,whether enterprises can better fulfill their environmental protection responsibilities is increasingly valued,and it is imperative to develop a low-carbon economy.However,at present,most domestic enterprises are not fully aware of carbon emissions,and their disclosure consciousness is low.Therefore,based on this,this paper discusses and studies the influencing mechanism between carbon information disclosure and enterprise performance.In this paper,firstly,the literature on carbon emission information disclosure is summarized and sorted out by literature research method,and then a variety of theories,such as voluntary disclosure theory,stakeholder theory,information asymmetry theory,signal transmission theory and sustainable development theory,are used to demonstrate and analyze the relationship between carbon information disclosure and enterprise performance.In the stage of empirical research,this paper collects detailed information of carbon information disclosure of listed companies in China’s energy industry in the past five years from 2016 to 2020,and on this basis,formulates an evaluation index system of carbon information disclosure suitable for China’s national conditions to quantify the level of carbon information disclosure of enterprises in China’s energy industry.At the same time,taking the level of carbon information disclosure as the starting point of statistical analysis,this paper makes a regression analysis of the relationship between carbon information disclosure and enterprise performance.In addition,according to the perspective of government governance and social governance,carbon external governance is divided into three dimensions: government supervision level,media supervision level and industry competition level,and the moderating effect of carbon external governance environment on the relationship between them is deeply analyzed.According to the results of descriptive statistical analysis,there are many problems in the carbon information disclosure of enterprises,mainly in the following aspects: the overall disclosure level is low,the disclosure is not comprehensive,and the disclosure form is not standardized.According to the empirical analysis results,there is an obvious positive correlation between the degree of carbon emission information disclosure of listed companies in energy industry and enterprise performance.The reason is that,this paper holds that: the active disclosure of carbon emission information by enterprises means that enterprises will send an optimistic signal to the market,otherwise,the opposite is true;Voluntary disclosure of carbon emission information by enterprises will help to establish a good social image.The more obvious the positive image of enterprises in the minds of investors,the higher the value of enterprises will be virtually.In addition,we also found that the governance and supervision of external factors in the carbon emission field of enterprises can help to improve the deficiencies of enterprises in carbon emission information disclosure,and both of them have mutual influence and regulation.Moreover,the stricter the government regulation of carbon emissions,the higher the media public’s attention to enterprises,and the fiercer the competition in the industry where enterprises are located,and the carbon information disclosure work of enterprises can promote the promotion of enterprise value.After the conclusion of the above research,this paper puts forward some suggestions from the angle of government,social public and enterprises themselves.First of all,in order to ensure enterprises to disclose carbon emission information more consciously and actively,the government’s regulatory authorities should improve relevant laws and regulations,for example,stipulate the mandatory content of carbon information disclosure,prevent enterprises from sidestepping,and at the same time,realize the reward and punishment system,give higher scores to enterprises with better disclosure and give appropriate economic rewards;Give appropriate punishment to enterprises with poor disclosure or even failure to disclose according to regulations,and encourage enterprises to enhance their awareness of carbon information disclosure and attach importance to their carbon emission behavior;Secondly,people need to raise their awareness of rights protection.Media and people actively participate in monitoring the carbon emission behavior of enterprises,and play the role of people’s supervision to urge enterprises to actively disclose carbon information.Finally,enterprises,the main responsible person of carbon information disclosure,should strengthen the social responsibility of listed companies,practice low-carbon economy with practical actions,and implement energy conservation and emission reduction work,so that enterprises can have a lasting foundation and achieve real sustainable development.