Carbon Information Disclosure Level,financial Flexibility And Financial Performance

China’s economy is currently in a pivotal phase of transition,transitioning from rapid expansion to superior growth.The era of only talking about gdp growth has gradually become history.The "double carbon" goal necessitates a comprehension of the correlation between ecological environmental preservation and economic growth,while simultaneously realizing the carbon peaking and carbon neutralization is becoming the consensus of the whole society,and the consensus is being transformed into action.Corporate carbon emissions and carbon emission reduction behaviors have attracted extensive attention from the government and other stakeholders.In order to avoid unknown risks brought by environmental change,more enterprises choose to actively disclose carbon emissions and carbon emission reduction information and actively respond to government emission reduction policies.However,compared with developed countries,Chinese carbon trading market is still insufficient,and the action taken by enterprises in terms of carbon information disclosure and carbon emission reduction is still in its infancy internationally.There are still some places and industries that are not fully prepared for carbon emission reduction and green economic development,and are accustomed to relying on high-carbon development paths.China,a nation with a vast population and manufacturing sector,faces more arduous emission reduction demands than developed nations in order to reach the ambition of carbon peak and carbon neutrality.As an important subject of carbon emissions,enterprises are under unprecedented pressure.The trend of disclosing carbon information more actively and in detail is becoming increasingly prevalent in order to better adjust to the market and its environment.It will also be a driver of long-term interests for companies.An exploration of the financial performance of sample businesses,with a concentration on the consequence of carbon data disclosure,is the focus of this paper.On the one hand,it can reflect the influence of carbon information disclosure behavior of enterprises on their economic benefits to a certain extent.On the other hand,it can provide meaningful experience for our country to achieve double carbon goal smoothly.Selected research samples from 2010 to 2020 are listed manufacturing enterprises to explore the relationship between carbon information disclosure level and financial performance,and if a lag effect exists between the two.Given that the study of the relationship between the two rarely considers the role of financial flexibility,this paper starts from the perspective of financial flexibility to study its regulating effect between the two.Results demonstrate that:(1)The disclosure of carbon information has a considerable effect on the financial performance of businesses,with a notable positive correlation between the two.(2)The positive impact of carbon information disclosure level on corporate financial performance has a lag.(3)Financial flexibility plays an inverted U-shaped moderating role in the relationship between the two.According to the research results,this paper suggests that the relevant regulatory authorities should establish a perfect carbon information disclosure mechanism and increase the incentives and punishments for enterprises,so as to promote the development of low-carbon economy.Companies should realize that proactive disclosure of carbon information can not only improve competitiveness,but also promote the development of a low-carbon economy.At the same time,the public should also actively participate in environmental governance,set up environmental responsibility awareness,and form a synergy with the government enterprise to help our "double carbon" goal to realize as soon as possible.