Carbon Information Disclosure,Green Technology Innovation And Economic Effect

As the greenhouse effect has intensified and environmental pollution has become increasingly prominent,the country has paid more attention to the transformation from industrial economy to low-carbon economy.Since heavily-polluting industries are the main part of carbon emissions,low-carbon emission reduction measures in heavy polluting industries are the top priority to achieve the “dual carbon” goal.The low-carbon emission reduction of enterprises needs to be transmitted to the outside through carbon information disclosure,so that the government can macro control the carbon emission and carbon performance of enterprises,and promote the realization of the national “dual carbon” goal.So,as the state vigorously promotes the enterprises to disclosure carbon information,What kind of economic benefits carbon information disclosure can bring to heavy polluting enterprises is still a concern.As the key technical support for polluting enterprises to change from high energy consumption to energy saving and environmental protection enterprises,it is also urgent to discuss whether green technology innovation plays an important role in the relationship between carbon information disclosure and the economic effect of enterprises.Based on this,this paper aims to explore the impact of the quality of carbon information disclosure on the economic effect of enterprises,and the mediating role of green technology innovation between the two.This paper briefly expounds the research background and significance.Then sort out and summarize the existing domestic and foreign research on carbon information disclosure,green technology innovation and enterprise economic effect.Then,referring to the heavy pollution industry standards issued by the Ministry of Environmental Protection of the People’s Republic of China,this paper identifies the A-share enterprises in heavy pollution industries in 14 sub-sectors,and selects their data from 2016 to 2020 as the research samples of this paper.Based on the existing research of scholars,this paper constructs the evaluation index of carbon information disclosure,and uses the content analysis method to score the carbon information disclosure of sample enterprises to measure the quality of carbon information disclosure.And then,divides the economic effect of enterprises into two perspectives: financial performance and market value.After that,the research hypothesis of this paper is made by combining information asymmetry theory,signal transmission theory,stakeholder theory,legitimacy theory and Porter hypothesis theory.Then,this paper uses Stata,Excle and other software to conduct descriptive statistics and correlation analysis on the relevant variables of the sample enterprises,and tests the research hypotheses of this paper one by one according to the constructed model.In addition,in order to ensure the accuracy and reliability of the research results,the replacement variable method and the one-period-lagged method are used to conduct the robustness test of the research results.The research shows that:(1)Improving the quality of carbon information disclosure can play a positive role in promoting corporate financial performance and market value,and this role is more significant in non-state-owned enterprises;(2)Green technology innovation plays a partial intermediary role in the promoting relationship between carbon information disclosure and corporate financial performance and market value.According to the research conclusions of this paper,it provides a theoretical basis for enterprises to improve the quality of carbon information disclosure to improve financial and market performance.Improve the enthusiasm of enterprises to carry out effective green technology innovation,and provide a theoretical basis for the transformation of heavy polluting enterprises to environment-friendly enterprises.