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<p>Green finance’s impact on heavily polluted enterprises’ environmental info disclosure is explored. Using data from Chinese listed companies, this study constructs a quasi-natural experiment based on the “Overall Plan for Green Financial Reform and Innovation Experimental Zone”. It applies a difference-in-differences model to analyze the Plan’s impact. Building on information asymmetry theory and legitimacy theory, this study identifies a causal pathway through which China’s Green Finance Reform Pilot Zone policy reduces financing costs for heavily polluting firms, incentivizing greater environmental disclosure. Using a difference-in-differences design, we find the policy increases disclosure quality by 5.7% in treated firms. Media attention amplifies this effect, while state-owned enterprises and high-leverage firms exhibit weaker responses. These findings advance green finance theory by highlighting contextual barriers to policy effectiveness and offering actionable insights for regulatory design. Our evidence suggests a need to expand experimental zones and implement them nationwide to support green economic growth.</p>

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Green finance and environmental information disclosure: evidence from heavily polluted industries

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年6月22日

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  • Hanjin Li,
  • Yang Li

摘要

Green finance’s impact on heavily polluted enterprises’ environmental info disclosure is explored. Using data from Chinese listed companies, this study constructs a quasi-natural experiment based on the “Overall Plan for Green Financial Reform and Innovation Experimental Zone”. It applies a difference-in-differences model to analyze the Plan’s impact. Building on information asymmetry theory and legitimacy theory, this study identifies a causal pathway through which China’s Green Finance Reform Pilot Zone policy reduces financing costs for heavily polluting firms, incentivizing greater environmental disclosure. Using a difference-in-differences design, we find the policy increases disclosure quality by 5.7% in treated firms. Media attention amplifies this effect, while state-owned enterprises and high-leverage firms exhibit weaker responses. These findings advance green finance theory by highlighting contextual barriers to policy effectiveness and offering actionable insights for regulatory design. Our evidence suggests a need to expand experimental zones and implement them nationwide to support green economic growth.