Research On The Impact Of Enterprise ESG Performance On Enterprise Value Based On The Quality Of Carbon Information Disclosure

ESG performance,as an indicator system that comprehensively considers the sustainable development ability of enterprises from three aspects:corporate social responsibility,environmental behavior,and corporate governance,has an increasingly significant impact on corporate value.The 14th Five Year Plan focuses on promoting high-quality development of enterprises.The outbreak of the COVID-19 has become a catalyst for the development of enterprises’ ESG.Under the influence of these backgrounds,the public is increasingly concerned about the performance of enterprises’social responsibilities.The performance of enterprises’ ESG will further become an important reference indicator for stakeholders’ consumption and investment behavior,and is an important intangible asset of enterprises.The assumption of environmental responsibility is an important manifestation of corporate social responsibility and an important dimension of corporate ESG performance.It is a key content favored by all sectors of society.Against the backdrop of the proposal of the "dual carbon" goal,the establishment of China’s carbon market and the development of carbon emission trading have been further promoted.The carbon information disclosure of enterprises,as an important indicator for the outside world to understand their environmental behavior and evaluate their environmental responsibility,has gradually become the focus of research from all sectors of society.Carbon information disclosure is a basic requirement for green development of enterprises.As the bearers of environmental protection responsibilities,carbon information disclosure is a social responsibility that enterprises should fulfill.Therefore,in order to help achieve the "dual carbon" goal,enterprises need to increase their environmental responsibility,strive to improve the efficiency of energy conservation and emission reduction work,timely disclose carbon information to the outside world,improve ESG performance,and achieve high-quality sustainable development as soon as possible.This article is based on social responsibility theory,stakeholder theory,information asymmetry theory,signal transmission theory,and sustainable development theory,and uses literature analysis to systematically analyze the mechanism of the impact of corporate ESG performance level and carbon information disclosure quality on corporate value.Taking the empirical data of A-share high carbon companies listed from 2013 to 2021 as the research object,using empirical analysis method and fixed effects model,this study empirically examines the mechanism of ESG performance on corporate value.Based on this,the intermediary variable of carbon information disclosure quality is introduced,and the relationship between variables is verified using stepwise regression method.The empirical results indicate that:(1)ESG performance of enterprises has a positive driving effect on the improvement of enterprise value,and this positive effect has a lag effect.The positive effect of ESG performance in the lag period on enterprise value still exists,and reaches its strongest in the first lag period;(2)Improving the quality of carbon information disclosure is one of the ways for enterprises to enhance their corporate value through ESG performance.That is,the quality of carbon information disclosure plays a partial intermediary role in the process of ESG performance affecting corporate value,and this intermediary transmission also has lag.Based on the above research results,this paper combines the characteristics of high carbon enterprises,and puts forward suggestions from the perspective of government,enterprises and society.This research helps to improve the scientificity of enterprise ESG performance value effect,provides new ideas for enterprises to enhance market value,and also provides some empirical basis for the development of ESG ideas in China.