Carbon Information Disclosure,Financing Constraints and Enterprise Value——Empirical Evidence Based on Text Analysis
With the continuous promotion of China's two-carbon action and green credit policy,carbon information disclosure,as an important source of information for the outside world to assess corporate environmental risks and sustainable development capabilities,has become an important factor affecting corporate value creation.Based on the legitimacy theory and signal transmission theory,it empirically tested the value effect of carbon information disclosure by taking the high-carbon emission industry enterprises listed in China's A-share market from 2015 to 2020 as research samples.The results show that carbon information disclosure inhibits the short-term value of enterprises,but promotes the long-term value of enterprises;carbon information disclosure enhances enterprise value by easing their financing constraints,but this effect is not immediate.It reveals the motivation of carbon disclosure of enterprises,and deepens the understanding of the internal influence mechanism of carbon information disclosure on enterprise value.In addition,it introduces text analysis and machine learning methods into the research of carbon information disclosure,which provides a new reference for the research methods in this field.
carbon information disclosureenterprise valuefinancing constrainttext analysismachine learning
NETL
NSTL
万方数据
