The Effect of Carbon Disclosure Quality on Green Bond Financing Cost
基于2014-2024年中国166家发行绿色债券的上市公司数据，研究发现碳信息披露质量越高，绿色债券融资成本越低，且高碳行业公司对碳强度变化更敏感。
ABSTRACT Existing research on financing costs primarily focuses on traditional financial factors, such as credit ratings, and offers limited examination of non‐financial information. This study examines the impact of the quality of carbon information disclosure on financing costs using a fixed‐effects panel regression, based on data from 166 Chinese listed companies that issued green bonds from 2014 to 2024. Results show a significant negative relationship: Better disclosure reduces bond costs. As carbon disclosure reflects a company's environmental and governance commitment, it influences investors' perceptions and risk assessments, thereby affecting financing costs. The study also finds that companies in carbon‐intensive industries are more sensitive to changes in carbon intensity. China's initiatives to reduce carbon emissions and support green bonds have heightened the importance of carbon disclosure for financing costs. This study provides novel insights into how carbon information disclosure affects green financing in China, enabling regulators to refine their policies and guiding companies towards low‐carbon strategies.