Motivations and Economic Consequences of Carbon Emission Informa-tion Disclosure:Funding Gap and Green Disclosure Premium
This paper explores the motivations and economic consequences of corporate carbon emission informa-tion disclosure from a financial perspective,introducing the funding-disclosure hypothesis and the green disclosure pre-mium hypothesis.The findings reveal that companies with significant funding gaps are more likely to disclose carbon emission information.Additionally,companies that disclose this information benefit from a green disclosure premium in the bond market,allowing them to issue bonds at lower interest rates.These results carry important policy implica-tions:central banks and financial regulatory authorities can promote financing support policies for carbon emission re-ductions,establish verifiable carbon emission disclosure standards,and encourage financial institutions and companies to disclose climate-related information.Such measures would enhance the role of financial markets in achieving car-bon neutrality.
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