Carbon Information Disclosure Quality, Financing Constraints And Green Technology Innovatio

In recent years,with the goal of carbon peaking and carbon neutrality incorporated into the overall economic construction and social development,information activities related to carbon emissions have become an important aspect of corporate compliance and social responsibility.In the context of the "two-carbon" goal,carbon information disclosure,as an important enterprise environmental management system,is conducive to encouraging and promoting enterprises to invest more funds in green technology innovation.Green technology innovation is committed to pursuing a "win-win" development model of environment and economy,and is gradually becoming one of the fulcrum to promote green economic development.Therefore,this paper studies the relationship between carbon information disclosure quality and green technology innovation.Based on the social responsibility report data of Shanghai and Shenzhen listed companies from 2012 to 2020,this paper analyzes the impact of carbon information disclosure quality on enterprises’ green technology innovation and its mechanism.The main research results are as follows:(1)The quality of corporate carbon information disclosure can promote corporate green technology innovation,which is realized through the intermediary variable of financing constraints.Carbon information disclosure can reduce the degree of information asymmetry,relieve financing constraints,and improve the level of corporate green technology innovation;(2)Government subsidies positively regulate the mediating role of financing constraints between carbon information disclosure quality and green technology innovation.The more subsidies the government gives to enterprises,the weaker the inhibition effect of financing constraints on enterprises’ green technology innovation,and the stronger the promotion effect of carbon information disclosure on enterprises’ green technology innovation.(3)Media focus on the mediating role of financing constraints in the relationship between carbon information disclosure quality and green technology innovation.The more attention the media pays to enterprises,the weaker the inhibition effect of corporate financing constraints on enterprises’ green technology innovation,and the stronger the promotion effect of carbon information disclosure on enterprises’ green technology innovation.The results of this paper show that enterprises should actively disclose carbon information to play a positive role in green technology innovation.Meanwhile,the media should play a good role as external supervisors and cooperate with the government’s correct guidance to enterprises to achieve high-quality,efficient and high-end development of enterprises.