Green Finance Reform and Corporate Carbon Disclosure Quality: The Roles of Financing Constraints and Capital Market Attention

Feiyu Cai; Chengwen Zhao; Qian Zhou; Shaoze Liu; Lingyu Zhang

doi:10.2991/978-94-6239-830-6_28

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Green Finance Reform and Corporate Carbon Disclosure Quality: The Roles of Financing Constraints and Capital Market Attention

Authors

Feiyu Cai¹^{, *}, Chengwen Zhao¹, Qian Zhou¹, Shaoze Liu², Lingyu Zhang¹

¹Ningxia Institute of Science and Technology, Shizuishan, Ningxia, 753000, China

²Shijiazhuang Tiedao University, Shijiazhuang, Hebei, 050043, China

^*Corresponding author. Email: 1914264074@qq.com

Corresponding Author

Feiyu Cai

Available Online 14 November 2026.

DOI: 10.2991/978-94-6239-830-6_28 How to use a DOI?
Keywords: green finance reform and innovation pilot zones; carbon disclosure quality; staggered difference-in-differences; financing constraints; capital market attention
Abstract: Comparable and verifiable carbon information is essential for environmental risk pricing and green capital allocation. Using the staggered establishment of China’s green finance reform and innovation pilot zones, the archived analysis covers 18,652 firm-year observations for A-share listed firms from 2012 to 2023 and a 0-8 carbon disclosure quality index (CDI). The fully controlled two-way fixed-effects estimate is 0.421 (firm-clustered standard error 0.081; 95% confidence interval 0.262-0.580), or 14.8% of mean CDI. Archived post-treatment estimates rise from 0.098 in the adoption year to 0.612 after four or more years, and mechanism and heterogeneity coefficients are directionally consistent with financing constraints and analyst attention. However, the firm-level panel, address crosswalk, code, pre-treatment event-study coefficients, jurisdiction-clustered inference, and Sun-Abraham and Callaway-Sant’Anna outputs are not available in the revision archive. The reported estimates should therefore be interpreted as archived conditional associations, not as independently reproduced causal effects.
Copyright: © 2026 The Author(s)
Open Access: Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title: Proceedings of the 6th International Conference on Internet Finance and Digital Economy (ICIFDE 2026)
Series: Advances in Economics, Business and Management Research
Publication Date: 14 November 2026
ISBN: 978-94-6239-830-6
ISSN: 2352-5428
DOI: 10.2991/978-94-6239-830-6_28 How to use a DOI?
Open Access: Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

ris enw bib

TY  - CONF
AU  - Feiyu Cai
AU  - Chengwen Zhao
AU  - Qian Zhou
AU  - Shaoze Liu
AU  - Lingyu Zhang
PY  - 2026
DA  - 2026/11/14
TI  - Green Finance Reform and Corporate Carbon Disclosure Quality: The Roles of Financing Constraints and Capital Market Attention
BT  - Proceedings of the 6th International Conference on Internet Finance and Digital Economy (ICIFDE 2026)
PB  - Atlantis Press
SP  - 329
EP  - 338
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-830-6_28
DO  - 10.2991/978-94-6239-830-6_28
ID  - Cai2026
ER  -

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