Carbon disclosure and stock price synchronization: from the perspective of analyst tracking.

Under the background of peaking carbon neutralization, it is a significant and fresh proposition to investigate the economic benefits of carbon disclosure (CD) in the Chinese market. By taking all listed enterprises as a sample (2009-2020), this paper firstly empirically analyzes the impact of enterprise CD on stock price synchronization and the indispensable role played by analysts in between. The results indicate that (1) enterprise CD is conducive to reduce stock price synchronization, confirming the accuracy of government mandatory CD system and the effectiveness of voluntary enterprise CD project. (2) Analysts play the role of "information scouts" and have a mediating effect between enterprise CD and stock price synchronization. (3) Analysts play the role of "analysis commentators," and analyst rating has a moderating effect between enterprise CD and stock price synchronization. (4) In further analysis, analysts will mobilize investors' positive investment sentiment, but only when the analyst rating upgrades or remains unchanged.