Zheng Shi, Wang Chao, Nawaz Ahmad, Ali Shamrez
School of Business, Sichuan University Jinjiang College, Meishan, 620860, Sichuan, China.
Sichuan Vocational College of Finance and Economics, Chengdu, 610101, Sichuan, China.
J Environ Manage. 2025 May;383:125218. doi: 10.1016/j.jenvman.2025.125218. Epub 2025 Apr 25.
The level of carbon information disclosure is crucial in directing the decision-making processes and activities of enterprises, particularly in the realm of green technology development. It serves a crucial function in meeting environmental standards. This research analyzes publicly traded firms on the Shanghai and Shenzhen Stock Exchanges in China from 2013 to 2020. This study used a mediating effect model to examine the influence of carbon information disclosure quality on green technology innovation. The results indicate that improving the precision of carbon data mitigates financial limitations, hence promoting innovation in green technology. The research clarifies the moderating effects in the sequence of "carbon information disclosure - financing constraints - green technology innovation," specifically about the interaction between financing constraints and green technology innovation. It illustrates that government subsidies and media focus substantially mitigate financial limitations, hence fostering innovation in green technologies, as shown by robustness tests. The study reveals discrepancies in the impact of carbon disclosure quality on the advancement of green technology, ascribed to differences in ownership, geographical variables, managerial political affiliations, and industry traits. This study enhances corporate environmental standards and provides critical insights for policymakers and business leaders, facilitating China's shift towards a sustainable, low-carbon economy.
碳信息披露水平对于指导企业的决策过程和活动至关重要，尤其是在绿色技术发展领域。它在满足环境标准方面发挥着关键作用。本研究分析了2013年至2020年中国上海和深圳证券交易所的上市公司。本研究使用中介效应模型来检验碳信息披露质量对绿色技术创新的影响。结果表明，提高碳数据的准确性可以缓解资金限制，从而促进绿色技术创新。该研究阐明了“碳信息披露——融资约束——绿色技术创新”序列中的调节效应，特别是关于融资约束与绿色技术创新之间的相互作用。稳健性检验表明，政府补贴和媒体关注大幅缓解了资金限制，从而促进了绿色技术创新。该研究揭示了碳披露质量对绿色技术进步的影响存在差异，这归因于所有权、地理变量、管理层政治归属和行业特征的不同。本研究提高了企业环境标准，并为政策制定者和企业领导者提供了关键见解，促进中国向可持续的低碳经济转型。
