Carbon Information Disclosure Capital Cost And Enterprise Performance

In recent years,with global warming,extreme weather has also become common.Various phenomena such as rising sea levels and frequent haze not only threaten the balanced development of ecological health,but also become the main limiting factor for human progress.With the increasing emphasis on carbon risk awareness,countries around the world are actively introducing various environmental control and emission reduction measures to improve the current climate situation.The sense of responsibility,energy-saving awareness,and concern for environmental protection of enterprises all indicate whether they have good environmental protection capabilities and also determine whether they can achieve success in the era of low-carbon economy.The establishment of a carbon emission reduction trading market in 2017 can reflect the degree to which the national government attaches importance to environmental protection.Enterprises should actively take measures to showcase their efforts in environmental protection to the public by publicly disclosing information about carbon emissions.This article studies the motivation and economic effects of carbon information disclosure from the perspective of corporate performance,and analyzes whether carbon information disclosure has a significant impact on corporate performance,as well as the media through which the two are influenced.In addition,a more in-depth study was conducted on whether the impact of different enterprises and regions is the same.This article aims to explore the impact of carbon information disclosure on corporate performance and how the cost of capital plays a mediating role in the impact of carbon information disclosure on corporate performance.Therefore,the article first reviews research results in this field both domestically and internationally,including voluntary disclosure theory,stakeholder theory,information asymmetry theory,legitimacy theory,and institutional theory.Combining these theories,it deeply analyzes carbon information disclosure The correlation between the cost of capital and corporate performance is aimed at finding a different impact path from previous studies,which can provide a more scientific interpretation of the impact of carbon disclosure on corporate value.Based on the voluntary disclosure theory and the signal transmission theory of company annual report information disclosure,this article proposes the hypothesis that the higher the characteristic information content of a company’s annual report,the more sufficient the carbon information disclosure,the better the company’s performance.Research shows that the more emotional attention a company gives to non-financial information,the more it represents an objective attitude of the operator towards the company’s future operating conditions,and also conveys a positive signal of good corporate performance to capital investors.Due to the lack of unified standards for the content and quality of carbon information disclosure nowadays,this article refers to the definition of carbon information disclosure by international authoritative institutions and combines the national conditions of China to establish an evaluation index system to evaluate the carbon information disclosure situation of enterprises and evaluate it.Through manual sorting and STATA17.0software,this paper uses multiple regression analysis,robustness analysis,impact mechanism analysis and heterogeneity analysis to conduct an empirical study on 5691 samples of listed companies in A-share heavily polluting industries in China from 2016 to2021.After the analysis and research in this article,we have preliminarily concluded that the level of carbon information disclosure is positively correlated with corporate performance.The mechanism of its action is that carbon information disclosure affects corporate performance by affecting the cost of capital.Finally,through heterogeneity segmentation research,it is found that different regions,different enterprise Sizes,and different capital densities have different impacts on performance.In summary,companies can effectively reduce their capital costs by actively disclosing carbon information,which is of great significance for reducing their capital costs;The cost of capital is an important bridge between carbon information disclosure and corporate performance.It can not only help enterprises achieve cost savings,but also stimulate their enthusiasm,thereby enhancing their competitiveness.Therefore,based on the above research results,the following suggestions are proposed:(1)Strengthen publicity and increase the attention of enterprises to carbon information disclosure.(2)Strengthen the carbon information disclosure system and strengthen the monitoring of carbon emission data.(3)Strengthen market regulation of carbon information disclosure.I hope that the above suggestions can effectively improve the quality and efficiency of carbon information disclosure by listed companies in China’s heavy pollution industry,and enable the orderly realization of China’s "dual carbon" goals.