Research On The Influence Of Datang Power Generation Carbon Information Disclosure On Enterprise Value

Excessive carbon dioxide emissions can cause environmental problems such as global warming and greenhouse effect,which have a negative impact on the global climate.How to reduce carbon emissions has become a global issue.The dual carbon goal will drive a huge amount of funds into the low-carbon field,posing higher requirements for climate information disclosure by enterprises.The power industry in China has the highest proportion of carbon emissions,among which the thermal power generation industry has severe pollution and is the main source of carbon emissions.Therefore,it is particularly important to control and manage carbon emissions in the thermal power generation industry.Carbon information disclosure,as a powerful tool to reveal the energy-saving,emission reduction,and low-carbon management capabilities of enterprises,is closely related to the development of enterprises and society.Research by domestic and foreign scholars has found that there is a certain correlation between corporate carbon information disclosure and corporate value.However,most studies use empirical methods with large samples,and there is relatively little research on the impact of carbon information disclosure on corporate value by analyzing specific case companies.Therefore,this paper selects Datang Power Generation,a representative listed company in the thermal power industry,as the research object,and adopts the case study method and event study method to study the impact of corporate carbon information disclosure on corporate value.This article first defines core concepts such as carbon information,carbon information disclosure,and corporate value.Based on signal transmission theory,efficient market hypothesis,and stakeholder theory,it sorts out literature related to carbon information disclosure,carbon information disclosure,and corporate value.Secondly,this article conducts an in-depth analysis of the carbon information disclosure situation of Datang Power Generation and its industry.Once again,based on the discounted cash flow model,this article analyzes the impact path of carbon information disclosure on enterprise value,and explores the impact of carbon information disclosure on expected future cash flows and capital costs of Datang Power Generation.Finally,through the event study method,the impact of Datang power generation carbon information disclosure on enterprise value is analyzed in depth.In the analysis of the impact path of carbon information disclosure on corporate value,this article finds that carbon information disclosure can increase expected future cash flow by reducing potential penalty costs,obtaining additional low-carbon benefits from policy support,and attracting consumer choices;Carbon information disclosure can reduce the cost of capital for enterprises and thereby affect their value by influencing investors’ predictive risk and improving stock liquidity.In the analysis of the impact of carbon information disclosure on corporate value,this article found that Datang Power’s carbon information disclosure has a significant positive impact on corporate value.Combined with the research findings,in view of the problems in the carbon information disclosure of Datang Power Generation,based on the internal perspective of the company,this paper puts forward suggestions for improvement from three aspects:ensuring the reliability of carbon information disclosure,building a carbon information disclosure framework,and issuing an independent report on carbon information disclosure,so as to improve the quality of carbon information disclosure of Datang Power Generation.This article delves into the impact of carbon information disclosure on corporate value in case studies,which is beneficial for expanding and deepening the relevant theories on the impact of carbon information disclosure on enterprises,and has important theoretical significance.In addition,with the financial goals of Chinese enterprises shifting towards value maximization,maximizing enterprise value has become an important factor in formulating their own development strategies.Studying the impact of carbon information disclosure on corporate value can provide guidance from a practical perspective to improve and enhance the carbon information disclosure work of thermal power generation enterprises.It can also play a positive role in encouraging enterprises to join the low-carbon ranks and has strong practical significance.