Corporate Environmental Information Disclosure and Green Innovation Level: Evidence from China

With the increasing severity of environmental problems, more and more attention has been paid to the environmental information disclosed by enterprises. In the context of “carbon peak” and “carbon neutrality”, in order to explore the impact of corporate environmental information disclosure on the level of green innovation, this paper constructs a two-way fixed effect model of China’s A-share listed companies from 2008 to 2022, and comprehensively evaluates the level of green innovation of enterprises from the three dimensions of green innovation quantity, green innovation quality and green innovation efficiency. It also explores the influencing mechanism from the perspective of media attention and debt financing cost. The results show that corporate environmental information disclosure can improve the level of corporate green innovation, while media attention and debt financing cost play an intermediary role. These findings provide important reference for enterprises’ green transformation and sustainable development.