A Study On The Impact Of Carbon Information Disclosure Quality On Corporate Performance

The worsening of global climate has attracted the attention of all countries in the world,especially the peak of greenhouse gas emissions in 2022,resulting in extreme climate and disaster frequency increase,will directly threaten the survival of human beings.The leaders of the international community also regard "carbon",the main source of greenhouse gases,as the main direction to mitigate the greenhouse effect,and "low-carbon development" has become the consensus of all countries in the world.China has put forward the "double carbon" target in 2020,stressing the firm implementation and gradually introducing low carbon emission reduction policies.As the main body of energy consumption and pollutant emission,enterprises have a bearing on the realization of the "double carbon" goal in terms of the awareness of energy conservation and emission reduction and the effectiveness of treatment measures,especially in the management of carbon emissions.As the first major body of China’s total carbon emission,electric power industry is also the main force to promote carbon emission reduction and carbon management.The disclosure of carbon activity information is an important reflection of enterprise governance effect and participation in energy saving and emission reduction;On the other hand,the carbon market derived from "low-carbon development" with "carbon emission rights" as the main trading body has been expanding,and more and more power enterprises and investors have participated in it.The management and disclosure of carbon information has gradually become the competitive advantage of the carbon trading market,and investors also pay more and more attention to the quality of carbon information disclosure by enterprises.The quality of carbon information disclosure is crucial to the sustainable development of electric power enterprises in the future.However,in the electric power industry,relatively few enterprises actively disclose carbon information,most of them do not take carbon information management as an important aspect of performance evaluation,and the enterprises that disclose carbon information also have problems such as incomplete and untimely disclosure of carbon information.Based on the above problems,this paper starts from the perspective of enterprises’ own interests.Establish a connection between corporate performance and the quality of carbon information disclosure,and explore the influence of the quality of carbon information disclosure on corporate performance.In this paper,85 A-share listed electric power enterprises from 2019 to 2021 are selected as research objects.Content analysis method is used to build A carbon information disclosure quality evaluation system,and the carbon information disclosed by each electric power enterprise is scored according to the scoring standard.Corporate performance is divided into financial performance and market performance.The measure index of market performance is the stock price of the enterprise,which directly reflects the influence of the quality of carbon information disclosure on market performance.The empirical results show that the quality of carbon information disclosure has a significant positive effect on the financial performance and market performance of enterprises,and this effect is particularly obvious on the quality of carbon information disclosure on the stock price.This indicates that the improvement of the quality level of corporate carbon information disclosure will improve corporate performance and encourage managers to strengthen the management and disclosure level of carbon information.Therefore,based on the obtained results,this paper puts forward some suggestions: enterprises should strengthen the management of carbon information,recognize the positive effect of carbon information disclosure quality on enterprise performance,and encourage enterprise managers to change from passive disclosure of carbon information to active disclosure;The government and the public should also play their supervisory role,improve their carbon information disclosure system and system,actively guide more enterprises to disclose carbon information,regulate the disclosed content,and urge enterprises to change from mandatory disclosure of carbon information to independent regular disclosure,so as to make joint efforts for the smooth operation of carbon trading market and the realization of the goal of "double carbon".