Exploring the Impact Path of Carbon Information Disclosure on Equity Financing Costs

Carbon information disclosure has become a threshold for equity financing of listed companies in china. Therefore, it is of great significance to explore the relationship between carbon information disclosure and equity financing costs. This study analyzes the carbon disclosure and equity financing cost data of 1731 A-share listed companies in Shanghai and Shenzhen from 2013 to 2021, panel data models and instrumental variables are used. The results show that the improvement of carbon information disclosure quality significantly reduces the equity financing costs of enterprises. Furthermore, the study uses a combination of QCA and NCA methods to explore the impact path of carbon information disclosure on equity financing costs. The results indicate that there are three paths that can reduce equity financing costs, namely the carbon information disclosure packaging path for high-carbon-emitting enterprises, the diversified financing path for non-high-quality enterprises, and the analysts-manipulating financing path for low-carbon-emitting enterprises. This study deepens the understanding of the relationship between carbon information disclosure and equity financing, and has certain policy implications