Carbon information disclosure; Equity financing costs; Path; QCA method; NCA

Carbon information disclosure has become a threshold for equity financing of listed companies in china. Therefore, it is of great significance to explore the relationship between carbon information disclosure and equity financing costs. This study analyzes the carbon disclosure and equity financing cost data of 1731 A-share listed companies in Shanghai and Shenzhen from 2013 to 2021, panel data models and instrumental variables are used. The results show that the improvement of carbon information disclosure quality significantly reduces the equity financing costs of enterprises.