Empirical Study on the Impact of Environmental Information Disclosure on Green Finance
Main Article Content
Keywords
environmental information disclosure, green finance, environmental regulation intensity, information asymmetry, environmental performance
Abstract
High-quality disclosure is key to optimizing the information market, guiding the flow of green capital, and promoting the development of green finance. This paper uses A-share listed companies from 2008 to 2023 as the sample, constructs an environmental information disclosure scoring index based on corporate annual reports and social responsibility reports, and builds a green finance index by combining data from the China Energy Statistical Yearbook and other sources. It empirically examines the impact effect and mechanism of environmental information disclosure on the development of green finance. The research shows that environmental information disclosure has a significant positive effect on the development of green finance, and the conclusion remains robust after robustness tests. Mechanism tests indicate that environmental information disclosure promotes green finance development by enhancing environmental regulation intensity and alleviating information asymmetry, with corporate competition intensity playing a partial mediating role. Heterogeneity analysis reveals that the promotional effect of environmental information disclosure on green finance is significantly stronger for non-state-owned enterprises, private enterprises, and enterprises in the western region compared to state-owned enterprises, foreign-invested enterprises, and those in the central and eastern regions. This paper proposes suggestions from aspects such as improving disclosure systems, strengthening environmental regulations, reducing information asymmetry, and implementing differentiated financial policies. The research conclusions enrich the literature in related fields and provide references for policy formulation and implementation.
References
- [1] Ministry of Environmental Protection of the People’s Republic of China. Measures for the Disclosure of Environmental Information by Enterprises and Public Institutions (Ministry of Environmental Protection Order No. 31). Available from: https://www.gov.cn/gongbao/content/2015/content_2838171.htm (accessed 13 January 2026).
- [2] Zhang, Y. X. Research on the impact of environmental information disclosure on financial performance of CATL. Master’s Thesis, Changchun: Jilin International Studies University, 2025.
- [3] Kan, L. N. and Li, Q. A study on the impact of environmental information disclosure on corporate financial risk: Based on the dual perspectives of internal control and external supervision. Friends of Accounting. 2025(07), pp. 113-120. https://doi.org/10.3969/j.issn.1004-5937.2025.07.016.
- [4] Lu, W., Bao, Z. and Wang, K. The impact of corporate environmental information disclosure on stock price crash risk--based on the perspectives of institutional investors and financing constraints. Environment, Development and Sustainability. 2025, 27(11), pp. 28281-28307. https://doi.org/10.1007/s10668-025-06519-3.
- [5] An, R. K. and Wang, F. International experience and inspirations of the environmental information disclosure system. Macroeconomic Management. 2021(3), pp. 83-90. https://doi.org/10.19709/j.cnki.11-3199/f.2021.03.014.
- [6] Wan, J. T., Cao, G. J. and Wang, Q. X. The Present Situation and International Comparison of Environmental Information Disclosure in Financial Institutions. Finance and Economy. 2022(12), pp. 16-24. https://doi.org/10.19622/j.cnki.cn36-1005/f.2022.12.002.
- [7] Ministry of Ecology and Environment of the People’s Republic of China. Notice on issuing the “Reform plan for the legal disclosure system of environmental information”. Available from: https://www.mee.gov.cn/xxgk2018/xxgk/xxgk03/202105/t20210525_834444.html (accessed 13 January 2026).
- [8] Dong, S. Y. and Wang, Q. F. A study on environmental information disclosure and green bond spreads under green finance reform. Productivity Research. 2025(06), pp. 97-102. https://doi.org/10.19374/j.cnki.14-1145/f.2025.06.012.
- [9] Li, W. Legally Disclosing Environmental Information to Prevent “Greenwashing” and “Green Laundry”. Available from: https://www.ccedia.com/news/13634.html (accessed 13 January 2026).
- [10] Li, Z. Y. Impact of environmental regulation on disclosure of environmental accounting information: A case study of m company. Shandong Textile Economy. 2024, 41(03), pp. 6-10. https://doi.org/10.3969/j.issn.1673-0968.2024.03.002.
- [11] Duan, C. R., Wang, L. J., Zhou, X. X. and Wu, Z. L. Environmental information disclosure and information asymmetry in green product market:Mechanism and empirical test. Journal of Statistics and Information. 2022, 37(12), pp. 66-77. https://doi.org/10.3969/j.issn.1007-3116.2022.12.007.
- [12] Huang, S. Z. and Zhou, J. An empirical study for the impact of green finance on carbon information disclosure quality. Journal of Statistics and Information. 2025, 40(1), pp. 65-76. https://doi.org/10.20207/j.cnki.1007-3116.2025.0002.
- [13] He, L. M., Li, S. M. and Hou, T. Statistical analysis of environmental information disclosure by listed companies from the perspective of corporate social responsibility reports. Communication of Finance and Accounting. 2010(26), pp. 32-33. https://doi.org/10.16144/j.cnki.issn1002-8072.2010.26.077.
- [14] Chen, X. and Tao, Z. R. ‘Interval effects’ of external environmental supervision on firms’ environmental information disclosure: a text analysis based on water information disclosure China Population,Resources and Environment. 2022, 32(12), pp. 92-105. https://doi.org/10.12062/cpre.20220613.
- [15] Kong, D. M., Wei, Y. X. and Ji, M. M. The impact of environmental protection fee-to-tax policy on the green information disclosure of enterprises Securities Market Herald. 2021(8), pp. 2-14.
- [16] Wang, M. B., Ye, T. and Kong, D. M. Green Manufacturing and Corporate Environmental Information Disclosure: Evidence from the Policy Experiment of “Creation of Green Factories” in China. Economic Research Journal. 2024, 59(02), pp. 116-134.
- [17] Yun, H. and Fu, X. A review of domestic and international green finance research: A bibliometric analysis based on citespace. Finance and Accounting Monthly. 2025, 46(5), pp. 102-108. https://doi.org/10.19641/j.cnki.42-1290/f.2025.05.015.
- [18] Liu, R. Z. and He, C. Study on the threshold effect of environmental regulation on income inequality of urban residents. China Soft Science. 2021(08), pp. 41-52.
- [19] Fan, H. M. and Mu, H. Z. Effects of environmental regulations on the employment of urban dual labor: Based on the perspective of labor market segmentation. Economic Theory and Business Management. 2017(2), pp. 34-47. https://doi.org/10.3969/j.issn.1000-596X.2017.02.004.
- [20] Yu, W., Wang, M. J. and Jin, X. R. Political connection and financing constraints:Information effect and resource effect. Economic Research Journal. 2012, 47(09), pp. 125-139.
- [21] Liu, G. C., Ye, Y. W. and Zhang, J. Social security contributions, liquidity constraint and employment stabilization: A quasi-natural experiment from the enactment of social insurance law. China Industrial Economics. 2021(5), pp. 152-169. https://doi.org/10.19581/j.cnki.ciejournal.2021.05.019.
- [22] Liu, S. S., Deng, F. and Yuan, B. S. Peer effects of corporate green transformation: competition mechanism and learning mechanism. China Population, Resources and Environment 2025, 35(1), pp. 111-123. https://doi.org/10.12062/cpre.20240727.
Article Sidebar
This work is licensed under a Creative Commons Attribution 4.0 International License.