Carbon Information、Disclosure Institutional Investor Holdings And Stockprice Synchronicity

Under the background of actively promoting the development of low-carbon economy in China,the government and all sectors of society put forward higher requirements for carbon information disclosure of enterprises.Carbon information reflects the carbon risks faced by enterprises and the management concept of management,which is of great significance to the economic decision-making of stakeholders,the smooth operation of carbon trading market,and even the realization of China’s carbon emission reduction target,Therefore,it has become a hot topic.Combing the existing literature,we can find that scholars have made fruitful discussions on the quality requirements and influencing factors of carbon information disclosure,but pay little attention to the impact of enterprises’ release of carbon information on the capital market.Carbon information disclosure reflects the multi-layer information of the enterprise from the side.Investors can predict future production and project management based on carbon information,judge project investment value,resulting in stock price fluctuations and affecting the degree of information integration into the stock price,that is,information efficiency.At home and abroad in the field of research,stock price synchronization is often used to measure the effectiveness of capital market information.Its influencing factors include information efficiency and noise.The former believes that the level of stock price synchronization can effectively reflect the efficiency of information published in the current capital market.If this index is high,it indicates that the current capital market lacks effective information efficiency;The latter view holds that noise trading is the main factor leading to the serious deviation of individual stock price from the trend of market return,which affects the consistency between individual stock price fluctuation and market fluctuation.Studying the causes and influencing factors of stock price synchronization is conducive to clarify the price transmission mechanism of the capital market and improve the pricing efficiency of stock price,which is of positive significance to improve the effectiveness of the market.Based on the above background,this paper analyzes the relationship between carbon disclosure and stock price synchronization,the regulatory effect of the shareholding ratio of institutional investors is considered.This paper takes the split share structure as the adjustment variable According to the relevant data of China’s high pollution industries in Shanghai and Shenzhen from 2018 to 2020 Based on the empirical analysis of the possible influence factors of different property rights mechanisms,this paper proves the existence of different property rights mechanisms.The research shows that:（1）high-quality carbon information can effectively improve the synchronization of stock prices,and there is a significant positive correlation between them;（2）When the shareholding ratio of structural investors increases,the positive correlation between carbon information disclosure and stock price synchronization decreases;（3）The above relationships are significant in non-state-owned enterprises,but not in state-owned enterprises.The contributions of this paper include:（1）carbon information disclosure and stock price synchronization have many research directions respectively,but there are few literatures to study them at the same time.This paper provides a new perspective for the related research fields of carbon information disclosure and stock price synchronization;（2）This paper refers to the research of relevant scholars and selects appropriate carbon information evaluation indicators.This paper uses the content analysis method to evaluate the management level of Chinese enterprises on the quality of carbon information disclosure,which is a useful supplement to the existing carbon information disclosure literature.