With the proposal of carbon peaking and carbon neutrality goals,more and more enterprises have begun to realize that carbon emission will affect enterprises’ operations,and gradually introduce low carbon development strategy in enterprise development planning.Some experts and scholars at home and abroad have also confirmed that carbon information disclosure will have a certain impact on corporate value,capital cost and financial performance.Based on this background,the importance of corporate carbon information disclosure as a form of social responsibility is becoming more and more prominent.Vigorously promoting the development of the pharmaceutical industry is an important strategic deployment related to people’s livelihood.However,the pharmaceutical industry,especially the pharmaceutical industry,has high carbon emissions and complex components,which are easy to cause pollution.Besides,most pharmaceutical companies do not disclose carbon emission information.Even if they do,the quality is uneven and the level is generally not high.However,current research on carbon information disclosure mainly focuses on eight high-energy consuming enterprises,while pharmaceutical enterprises have not received due attention.In this paper,Shanghai Pharmaceutical,an enterprise in the pharmaceutical industry that has continuously obtained high ratings on carbon information disclosure,is selected as the research object to explore the effect of improving the quality of carbon information disclosure on enterprises.It will provide incentives and references for the implementation of carbon information disclosure in the pharmaceutical industry.Firstly,this paper makes a qualitative analysis according to the disclosure content of Shanghai Pharmaceutical,summarizes the disclosure characteristics of Shanghai Pharmaceutical,and divides the quality of disclosure into three stages.Secondly,this paper constructs a carbon information disclosure quality rating table and innovatively incorporates quantitative and effectiveness scoring standards to emphasize the effectiveness and value of monetary and quantitative information.By comparing the quality of pharmaceutical carbon information disclosure in Shanghai vertically and horizontally,it is found that Shanghai pharmaceutical has outstanding performance in the industry,which reflects the determination and effectiveness of promoting the low-carbon strategic layout.The carbon information disclosed by the pharmaceutical industry as a whole shows a trend of clearer strategic objectives,more sophisticated management and quantification of emission information.It also found that there are great differences in the disclosure quality of enterprises in the industry.Thirdly,according to previous empirical analysis,the effect research is divided into market response,financing effect and financial performance.Using the event study method,it is found that the capital market has a short-term positive response to the disclosure of carbon information.In addition,the changes of stock price,market value and Tobin’s Q value during carbon information disclosure indicate that carbon information disclosure promotes the long-term value of enterprises.The analysis of financing ability breaks through the limitation of previous empirical analysis,adding capital structure and financing channel analysis on the basis of capital cost.The results show that Shanghai Pharmaceutical accounts for a high proportion of debt financing,the financing scale and financing channels have been expanded in recent years,and it is expected to issue green bonds in 2023.The cost of equity capital and debt capital decreased year by year,contrary to the quality trend of carbon information disclosure,indicating that Shanghai Pharmaceutical has enhanced its bargaining power in financing cost and gained more trust from investors and creditors.Financial performance is divided into profitability,solvency,operating capacity and growth capacity.By linking the change of financial indicators with the carbon information disclosure content of the current year,it is concluded that the improvement of carbon information disclosure level promotes the improvement of financial performance.Finally,the conclusion is drawn and some suggestions are given.Shanghai Pharmaceutical has improved the quality of carbon information disclosure by expanding its low-carbon strategic layout,increasing its investment in low-carbon science and technology,and building a green industrial chain.Carbon information disclosure has accumulated reputation for enterprises and produced value effect.Besides,the study also found that the pharmaceutical industry’s overall carbon information disclosure enthusiasm is weak and low level.Therefore,in order to promote the work of carbon information disclosure and jointly achieve the goal of double carbon,suggestions are put forward for Shanghai pharmaceutical,pharmaceutical industry and government. |