How Does Carbon Disclosure Alleviate Financing Constraints? Evidence from Chinese A-Share Firms

Lin Jiang ()
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Lin Jiang: University of International Business and Economics, School of Insurance

A chapter in Proceedings of the 2026 4th International Conference on Digital Economy and Management Science (CDEMS 2026), 2026, pp 556-566 from Springer

Abstract: Abstract This study examines the effect of carbon disclosure intensity on corporate financing constraints using a sample of Chinese A-share listed firms from 2010 to 2024. While prior research focuses on ESG disclosure as a whole, limited evidence exists on the independent role of carbon disclosure. Using the KZ index to measure financing constraints and employing two-way fixed-effects and mediation analyses, the results show that higher carbon disclosure intensity significantly alleviates financing constraints. Mechanism tests indicate that this effect operates through reduced information asymmetry and improved capital allocation efficiency. This study contributes by isolating carbon disclosure from broader ESG frameworks, providing a more targeted empirical assessment, and offering evidence on its financing implications in an emerging market context.

Keywords: Carbon disclosure intensity; financing constraints; information asymmetry; capital allocation efficiency; green finance (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6239-699-9_60

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DOI: 10.2991/978-94-6239-699-9_60

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