Green Truth or Green Mirage? Carbon Information Disclosure and Asset Mispricing
研究了2007至2021年中国A股上市公司碳信息披露质量对资产错误定价的影响，发现碳信息披露通过增强企业声誉和信息透明度显著抑制资产错误定价，且对媒体曝光度高、数字化转型程度高和投资者关注度高的企业影响更明显。
Carbon information disclosure (CID), as a key dimension of sustainability reporting, remains underexplored regarding its value relevance versus its role in impression management. Using text-based content analysis of A-share listed firms on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021, this study constructs a multidimensional CID quality index. The results show that CID significantly inhibits asset mispricing through strengthening corporate reputation and enhancing information transparency. In terms of economic significance, a one-standard-deviation increase in CID reduces the degree of mispricing by approximately 8.36%. This effect is more pronounced among firms with greater media exposure, higher digital transformation, and stronger investor attention. This study extends the literature on the economic consequences of CID by moving beyond firm-level outcomes to examine capital market dynamics and enriches the determinants of asset mispricing by introducing a sustainability reporting. It provides new insights for policymakers promoting high-quality CID in support of sustainable development.