Carbon Information Disclosure, Media Supervision, and Corporate Financing Constraints

Guangshi An; Min Wang

doi:10.6981/FEM.202411_5(11).0002

Authors

Guangshi An
Min Wang

DOI:

https://doi.org/10.6981/FEM.202411_5(11).0002

Keywords:

Carbon Information Disclosure; Financing Constraints; Media Supervision.

Abstract

With the proposal of achieving the goals of carbon peak and carbon neutrality, the importance of corporate carbon information disclosure has become increasingly prominent. By selecting relevant data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2021, this paper empirically tests the impact of carbon information disclosure on corporate financing constraints and the moderating effect of media supervision on the relationship between the two. The results show that carbon information disclosure can significantly alleviate the degree of corporate financing constraints, and media supervision can further enhance the impact of carbon information disclosure on financing constraints. It is recommended that government departments should establish and improve the relevant systems for carbon information disclosure as soon as possible, actively promote the development of the carbon trading market, to encourage enterprises to improve the quality of carbon information disclosure, fully leverage the economic value of carbon information disclosure, and contribute to the realization of the 'dual carbon' goals.

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