Emission reduction effects of carbon information disclosure from a principal-agent perspective:Theoretical mechanism and empirical evidence
As an effective support to promote the healthy operation of the carbon market,corporate carbon information disclosure is not only an important concept of"promoting green development"in the spirit of the Party's 20th National Congress Report,but also a key starting point to achieve the goal of"double carbon".In view of this,This paper constructs a princiption-agent model of government,public participation and polluting enterprises,and analyzes and tests the theoretical mechanism and practical effect of existing carbon information disclosure policies to promote carbon emission reduction from theoretical and empirical dimensions.The results show that the implementation of carbon information disclosure policy can reduce the carbon emission level of cities.The effect of this policy is more significant in the provinces and non-resource-based cities that take the lead in implementing the policy.Further analysis shows that public environmental participation is conducive to corporate carbon emission reduction,but the emission reduction effect is small,while the government's attention to local environmental gov-ernance and the new"friendly"and"clean"government-business relationship can significantly improve the carbon emission reduction effect.In addition,this policy can also reduce urban sulfur dioxide emissions and play its synergistic role in pollution reduction and carbon reduc-tion.This paper theoretically reveals the carbon emission reduction effect and its mechanism of carbon information disclosure policy,which helps relevant government departments to improve the carbon information disclosure system through government-enterprise interaction and public participation,and provides new theoretical basis and policy reference for the"dual carbon"goal.
carbon information disclosurecarbon emissionsprincipal-agent modelmulti pe-riod differences-in-differences
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