Research On The Relationship Between Carbon Information Disclosure,Social Trust And Enterprise Financial Performance Based On The "Double Carbon" Target

In order to speed up the construction of ecological civilization,gather new growth drivers and open up new prospects for development,the Chinese government put forward the "two-carbon" goal of "achieving carbon peak by 2030 and carbon neutrality by 2060" in September 2020,which plays an important role in guiding and guiding China’s green development.With the continuous promotion of the strategic deployment of the "dual carbon" target and the official launch of the national carbon trading market in 2021,carbon information disclosure has received increasing attention,contained and conveyed increasingly rich information,and played an increasingly effective role.The influence mechanism of carbon information disclosure on enterprises starts from the top-level design of development strategy,and then maps to the governance behavior of enterprises,so as to affect the overall development direction of enterprises and finally affect the financial performance of enterprises.At present,Chinese carbon information disclosure is non-mandatory and voluntary,but in recent years,with greenhouse gas emission and global warming becoming more and more serious,and the continuous introduction of related policies,the management of carbon information disclosure also needs to be deepened.At the same time,as a basic informal system that can spontaneously produce joint effects,social trust is the lubricating oil to promote economic and social development,and also the booster to influence corporate behavior.Corporate carbon information disclosure is inherent in the macro social environment in which it is located.Therefore,the effect of carbon information disclosure on corporate financial performance is bound to be affected by the level of social trust in the region where it is located.Based on the above,this thesis systematically explores the mechanism and influence relationship among carbon information disclosure,social trust and corporate financial performance.Based on the theories of stakeholders,information asymmetry,signal transmission,legitimacy and sustainable development,this thesis selects the industrial enterprises that have issued social responsibility reports for five consecutive years from 2017-2021 in Shanghai and Shenzhen A-shares as the research object,constructs the carbon information disclosure evaluation system by using content analysis method,and uses Stata17 to conduct empirical analysis on the samples,drawing the following conclusions:(1)Social trust has a positive effect on carbon information disclosure;(2)Carbon information disclosure has a positive promoting effect on the financial performance of enterprises in the current period;The carbon information disclosure of heavily polluting and non-polluting enterprises based on industry nature has a positive promoting effect on the financial performance of the current period,and there is no significant difference;The carbon information disclosure of state-owned and non-state-owned enterprises based on equity nature has a positive promoting effect on the financial performance of the current period,and there is no significant difference;(3)Carbon information disclosure has a positive promoting effect on the financial performance of enterprises in the next period;(4)Social trust plays a positive moderating role in the relationship between carbon information disclosure and current financial performance of enterprises.Based on the analysis results,this thesis puts forward relevant suggestions from the government level and the enterprise level,and jointly promotes the "double carbon" target to be realized on schedule.The government should standardize and promote the carbon information disclosure of enterprises from the aspects of policies and regulations,evaluation system,supervision and management,and improvement of social trust.Enterprises should strengthen the correct understanding and systematic management of carbon information disclosure,improve the quality of carbon information disclosure,actively practice environmental responsibility,strengthen their own integrity construction,and realize sustainable and high-quality development.Through systematic research on carbon information disclosure,social trust and corporate financial performance,this thesis provides empirical support for the government to strengthen the management of carbon information disclosure and enhance the level of social trust to a certain extent,and also provides economic motivation for enterprises to optimize carbon information disclosure.