Can Carbon Information Disclosure Enhance Firms' New Quality Productivity? Evidence from Empirical Analysis of Chinese Listed Companies

Yaoxiang Tang , Bing Zhou , Fan Yu, Linfeng Zhang

As global efforts to tackle climate change deepen, the role of carbon information disclosure in enhancing the new quality productivity of enterprises has attracted growing attention. This paper, using data from Chinese listed companies between 2015 and 2023, investigates the effect of carbon information disclosure on new quality productivity in enterprises and the mechanisms behind it. The research indicates that enhancing carbon information disclosure can significantly boost corporate new quality productivity, with green technological innovation, analyst attention, and financing constraints serving as key mediators in this process. Moreover, heterogeneity analysis shows that state-owned enterprises, heavy-polluting industries, and companies in the central and western regions demonstrate more significant effects in promoting new quality productivity through carbon information disclosure. Further investigation reveals that the quality of corporate environmental information disclosure, the implementation of the "dual carbon goals" policy, and the level of marketization significantly enhance the motivational impact of carbon information disclosure on new quality productivity improvement. This research not only offers theoretical support for government carbon information disclosure policies but also provides practical guidance for enterprises to foster green innovation and improve their core competitiveness.