实现“2030年碳达峰、2060年碳中和”是中国贯彻新发展理念、构建新发展格局、推动高质量发展的内在要求。企业作为经济活动最活跃的主体，在促进碳减排方面发挥着至关重要的作用，真实可靠的碳信息已成为促进企业完成减排目标、保障碳市场平稳运行的关键基础性要素，有效的碳信息披露制度对确保真实可靠的碳信息披露至关重要。国内的企业碳信息披露仍处于起步阶段，尚未建立健全强制性企业碳信息披露制度，导致企业碳信息披露质量不高、效果不佳等问题。识别企业碳信息披露的内在动机和驱动机制，并在此基础上探索有效的政策设计以引导企业更主动规范地披露碳信息已成为亟待研究的重要课题。本文基于合法性理论、信号传递理论和利益相关者理论，首先梳理了中国企业碳信息披露的制度建设进展，构建了碳信息披露综合评价体系，并以2016年-2020年高碳排放行业企业为样本，量化分析了中国企业碳信息披露现状，实证检验了企业碳信息披露与其碳绩效的关系和企业碳信息披露对企业价值的影响，从经济动机和非经济动机两个角度揭示了企业碳信息披露的内在动机和驱动机制，并从媒体治理的角度探究了媒体关注和媒体倾向对企业内部驱动机制的调节效应。研究发现：（1）企业碳信息披露与其碳绩效呈显著的U型关系，不同碳绩效水平的企业披露碳信息的最主要动机不同。当企业碳绩效水平较好时，企业主要出于信号传递动机披露碳信息；当企业碳绩效较差时，企业主要为进行合法性管理披露碳信息；企业通常会根据自身碳绩效水平和外部环境变化调整其碳信息披露策略。（2）碳信息披露对企业价值的影响具有两面性，且存在滞后效应。从长远发展角度看，碳信息披露显著提升企业的市场价值；从短期经营角度看，碳信息披露显著降低了企业的净资产收益率。（3）媒体治理显著强化了企业碳信息披露的内在动机，是有效的外部补充机制。媒体关注主要通过影响企业可见度、外部压力和利益相关者对企业行为的认知与响应等增强企业碳信息披露的内在动机；媒体倾向性则通过影响企业的外部形象和企业面临的舆论环境，影响企业碳信息披露的经济动机，但未对非经济动机产生显著影响。本文在理论和实证研究方面丰富了企业碳信息披露的研究，并从政府、企业、媒体三方面提出了有效引导企业实现高质量碳信息披露与碳排放管理的政策建议，为完善企业碳信息披露制度建设提供了理论基础和经验证据。关键词：碳信息披露；碳绩效；企业价值；媒体治理；实证研究

Achieving the "carbon peaking by 2030 and carbon neutrality by 2060" targets is an inherent requirement for China to implement the new development concept, build a new development pattern and promote high-quality development. As the most active subject of economic activities, companies play a crucial role in promoting carbon emission reduction. Reliable carbon information is a fundamental element in promoting companies to achieve carbon emission reduction target and guaranteeing the smooth operation of carbon market and an effective carbon disclosure system is the key to achieve this target. Carbon disclosure of companies in China is still in the initial stage, and an effective mandatory carbon disclosure system has not yet been established, leading to the low quality of company carbon disclosure. Understanding the intrinsic motivation and driving mechanism of carbon disclosure for companies is the basis of designing effective mechanism to guide companies to disclose carbon information in a more proactive and standardized manner.Based on legitimacy theory, signaling theory and stakeholder theory, the current status of policies related to company carbon disclosure in China has been reviewed, a comprehensive evaluation system for carbon disclosure developed, and the current situation of company carbon disclosure in China analyzed quantitatively with carbon disclosure data of companies in high carbon emitting industries from 2016 to 2020. The relationship between company carbon disclosure and its carbon performance and the impacts of company carbon disclosure on its value have been empirically examined, revealing the intrinsic motivation and driving mechanism of company carbon disclosure from the perspectives of both economic and non-economic motivations. The moderating effect of media attention and media tendency on the internal driving mechanisms of corporations has also been analyzed from the perspective of media governance. The study finds that: (1) There is a significant U-shaped relationship between company carbon disclosure and its carbon performance, and the most important motivations for carbon disclosure differ among companies with different carbon performance levels. For companies with good carbon performance, they disclose carbon information mainly for signaling motivation purpose; for those with poor carbon performance, carbon information is disclosed mainly for legitimacy management; and companies usually adjust their carbon disclosure strategies according to the changes of their carbon performance levels and the external environment. (2) The impact of carbon disclosure on company value is two-sided, with a lagging effect. From a long-term development perspective, carbon disclosure significantly enhances the market value of companies; from a short-term business perspective, carbon disclosure significantly reduces the return on equity of companies; (3) Media governance significantly strengthens the intrinsic motivation of company carbon disclosure, which can be seen as an effective external complementary mechanism. Media attention significantly enhances the intrinsic motivation of company carbon disclosure by influencing company visibility, external pressure on companies, stakeholders' perceptions of and responses to company behavior. Media tendency significantly strengthens the economic motivation of company carbon disclosure by influencing the external company image and the public opinion environment it faces, but does not significantly affect company’s non-economic motivation.This thesis enriches the research on company carbon disclosure in terms of both theoretical and empirical studies, and proposes policy recommendations on how to effectively guide companies to achieve high-quality carbon disclosure from three aspects: government, companies and media, which could provide theoretical basis and empirical evidence for improving the company carbon disclosure system.Keywords: Carbon Disclosure; Carbon Performance; Company Value; Media Governance；Empirical Study