Baseline Regression.

In the current global response to climate change, the “dual carbon” goal has become a common development goal for all countries. In the context of “dual carbon”, China’s heavily polluting enterprises, as the main governance body, have become the necessary path for green transformation. Green technology innovation is important for heavily polluting industries to achieve green transformation. Starting from the perspective of environmental regulation based on information disclosure, this article mainly explores the mechanism of carbon information disclosure promoting green technology innovation in enterprises. This article takes heavily polluting enterprises in China from 2017 to 2021 as samples and innovatively constructs a carbon information disclosure indicator system based on the “dual carbon” background. Then, empirical tests examine the relationship between carbon information disclosure level, green technology innovation, and financing constraints. Research has shown that the quality of carbon information disclosure improves corporate green technology innovation; The quality of carbon information disclosure can promote green technology innovation by alleviating corporate financing constraints. The research results have theoretical value and significance for incentivizing heavily polluting enterprises to reduce carbon emissions and support China’s dual carbon goals.在全球积极应对气候变化的背景下，双碳（dual carbon）目标已成为各国共同的发展目标。在双碳背景下，中国重污染企业作为污染治理的核心主体，其绿色转型是实现该目标的必要路径。绿色技术创新对于重污染行业实现绿色转型而言至关重要。本文以基于信息披露的环境规制（environmental regulation）为研究切入点，重点探究碳信息披露（carbon information disclosure）推动企业绿色技术创新的作用机制。本文选取2017-2021年中国重污染企业作为研究样本，创新性地构建了适配双碳背景的碳信息披露指标体系。随后通过实证检验，考察碳信息披露水平、绿色技术创新与融资约束三者间的内在关联。研究结果表明，碳信息披露质量能够显著提升企业绿色技术创新水平；同时，碳信息披露质量可通过缓解企业融资约束，进而推动绿色技术创新。本研究成果对于激励重污染企业降低碳排放、助力我国双碳目标的落地具有重要的理论价值与实践意义。