Instrumental variables regression results.

Global climate change has become one of the most large-scale, widespread, and far-reaching challenges facing mankind. Against this background, China has proposed a "dual-carbon" target in 2020, which greatly demonstrates China’s determination and commitment to carbon emission reduction, and the burden of realizing the "dual-carbon" target is mainly borne by heavy polluters. The burden of achieving the "dual-carbon" goal is mainly borne by the heavily polluting firms. Although this has increased the economic burden of the firms to a certain extent, carbon information disclosure reduces the degree of information asymmetry and also obtains the support of the government, which improves the financial performance of the firms. Based on the data of A-share listed companies in Shanghai and Shenzhen in the heavy pollution industry in 2013–2023, this paper analyzes the relationship between carbon information disclosure, and corporate financial performance according to signaling theory, rent-seeking theory, and sustainable development theory. It is found that enhanced corporate carbon disclosure can significantly improve corporate financial performance, and the main effect is realized through reducing debt financing costs and increasing the proportion of institutional investors’ shareholding. In the heterogeneity analysis, this paper finds that the main effect is more significant in the samples of firms located in the western region and the central region. Based on existing research, this paper deepens the study of the relationship between carbon disclosure and corporate financial performance. By integrating the multiple perspectives of signaling theory, rent-seeking theory and sustainable development theory, this paper systematically analyzes how creditors, institutional investors and other stakeholders play a role in the dynamic interaction between carbon disclosure and corporate financial performance, and reveals the motives and mechanisms behind the behaviors of these stakeholders. In order to further refine the analysis path, this paper constructs an intermediary model in order to deconstruct the deep logic of the path and mechanism through which carbon disclosure indirectly affects corporate financial performance. This model not only enhances the theoretical explanatory power, but also provides a more refined analytical framework for empirical testing, which helps to reveal the “black box” mechanism of carbon disclosure’s impact on corporate financial performance. In addition, in view of China’s vast territory and the uneven level of economic development between regions, this paper adopts a differentiated analysis strategy, based on the economic characteristics of the regions where the heavy polluters are located, and divides the whole sample into three sub-samples for independent regression analysis. This heterogeneity test incorporates inter-regional development differences into the scope of analysis, making the research conclusions more geographically specific and policy-guiding significance. By comparing and analyzing the differences in the impact of carbon disclosure on the financial performance of enterprises in different regions, this paper provides a reference for the government to formulate differentiated carbon disclosure policies in the future, accurately promote the construction of the carbon trading market, and efficiently achieve the carbon emission reduction targets at the national level.全球气候变化已成为人类面临的最具规模性、广泛性与深远影响力的挑战之一。在此背景下，中国于2020年提出双碳（dual-carbon）目标，充分彰显了中国在碳减排工作中的决心与承诺；而实现双碳目标的重任主要由重污染企业承担。尽管这在一定程度上加重了企业的经济负担，但碳信息披露能够降低信息不对称程度，同时获得政府支持，进而改善企业财务绩效。本文基于2013-2023年沪深两市重污染行业A股上市公司的数据，结合信号理论（signaling theory）、寻租理论（rent-seeking theory）与可持续发展理论（sustainable development theory），剖析碳信息披露与企业财务绩效之间的关联。研究发现，企业提升碳信息披露水平可显著改善其财务绩效，核心作用路径通过降低债务融资成本与提高机构投资者持股比例得以实现。在异质性分析中，本文发现该核心效应在位于中国西部与中部地区的企业样本中更为显著。相较于既有研究，本文深化了碳披露与企业财务绩效间关联的研究。通过整合信号理论、寻租理论与可持续发展理论的多重视角，本文系统分析了债权人、机构投资者及其他利益相关者如何在碳披露与企业财务绩效的动态互动中发挥作用，并揭示了这些利益相关者行为背后的动机与机制。为进一步细化分析路径，本文构建中介效应模型，以拆解碳披露间接影响企业财务绩效的深层逻辑与作用机制。该模型不仅强化了理论解释力，更为实证检验提供了更为精细化的分析框架，有助于揭开碳披露影响企业财务绩效的“黑箱”机制。此外，鉴于中国幅员辽阔、区域间经济发展水平不均衡，本文采用差异化分析策略，依据重污染企业所在区域的经济特征，将全样本划分为三个子样本分别进行回归分析。该项异质性检验将区域间发展差异纳入分析范畴，使得研究结论更具地域针对性与政策指导意义。通过对比分析不同区域的企业碳披露对财务绩效的影响差异，本文可为政府未来制定差异化碳披露政策、精准推进碳交易市场建设、高效实现全国层面的碳减排目标提供参考依据。