Research On The Impact Of Carbon Information Disclosure Quality And Corporate Internal Governance On The Value Of Energy Enterprises

Since the announcement of the "double carbon" goal in 2020,a huge amount of capital has entered the low-carbon field,and a large number of financial investment activities related to low-carbon environmental protection have appeared.Enterprises have gradually incorporated "carbon" into their daily decision-making,which puts forward higher requirements for the disclosure of carbon information.However,enterprises’ initiative in carbon information disclosure is not high,the level of disclosure is different,and the quality of carbon information disclosure needs to be improved.Stakeholders still cannot fully understand the low-carbon development of enterprises.Energy enterprises,as the key units of strict control of carbon emissions by the state,how to realize benefits,improve enterprise value,and promote enterprises to actively assume the responsibility of carbon disclosure,which poses new challenges to the internal governance level of enterprises.Therefore,domestic listed energy enterprises are selected as research objects to conduct empirical research on the quality of carbon information disclosure,corporate internal governance and corporate value,which is helpful for energy enterprises to identify the effectiveness of carbon information disclosure behavior,understand the authenticity of the comprehensive level of corporate internal governance,and provide practical basis for promoting the improvement of corporate value.First of all,starting from the research background,this paper reviews and summarizes domestic and foreign literatures on the quality of carbon information disclosure,corporate internal governance and corporate value.Based on coupling coordination theory,signal transmission theory,legitimacy theory,information asymmetry theory and stakeholder theory,this paper explores and analyzes the impact of carbon information disclosure quality and corporate internal governance on corporate value respectively.The mechanism of the interaction between the two coupling degrees on enterprise value is analyzed,and the corresponding hypothesis is put forward.Secondly,the panel data of listed energy enterprises from 2012 to 2021 is selected to construct the evaluation index system of carbon information disclosure quality.The content analysis method and entropy weight method are used to measure the quality of carbon information disclosure,and the internal governance system of the company is constructed.The comprehensive level of internal governance of the company is obtained by principal component analysis method.The coupling coordination model is used to measure the coupling coordination degree of carbon information disclosure quality and corporate internal governance,and empirically test the impact of coupling coordination degree on corporate value.Thirdly,the empirical results show that the improvement of carbon information disclosure quality has no significant effect on short-term enterprise value,but has significant effect on long-term enterprise value.The internal governance level of the company significantly promotes the improvement of short-term and long-term enterprise value;Both the quality of corporate carbon information disclosure and the coupling coordination degree of corporate internal governance positively promote long-term and short-term corporate value.Finally,based on the empirical research results,relevant suggestions are put forward for the value improvement of energy enterprises from the aspects of carbon information disclosure quality,corporate internal governance and coupling coordination,including: at the level of carbon information disclosure quality,improve the indicators of low-carbon energy conservation and emission reduction,actively promote carbon emission trading and promote the certification of environmental management system;At the level of corporate internal governance,reasonably increase the degree of equity dispersion,moderately increase the proportion of board of directors’ shareholding,and moderately increase the proportion of managers’ shareholding;At the level of coupling coordination,the level of coupling coordination should be improved and enhanced,and the coupling and interaction should be enhanced.