关键词: 碳信息披露, 商业信用融资, 供应链信任

Abstract: Under the background of “dual-carbon”, carbon information disclosed by enterprises has become an important basis for stakeholders' decision-making. Taking A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 as research samples, this paper uses text analysis to quantify the readability and the incremental characteristics of carbon information disclosure, and explores its impact on the amount and the duration of trade credit financing. It is found that the more readable a company's carbon disclosure is, the higher the amount of trade credit financing it receives, and the more incremental the information, the higher the amount of and the longer the term of trade credit financing, suggesting that suppliers and customers are more interested in the “substance” of a company's performance than in the “form” of its disclosure. Further analysis of the mechanism of action shows that good readability and incremental information of carbon disclosure can enhance the information transparency and the market position of enterprises, stimulate goodwill trust and competence trust up and down the supply chain, and then have a positive effect on trade credit financing. Heterogeneity analysis reveals that the trade credit financing effect of carbon disclosure is more significant when the media attention faced by the enterprise is higher and the environmental regulation in the region is weaker. In addition, the economic consequence test finds that the trade credit financing brought by carbon disclosure can significantly improve the environmental performance and the financial performance of enterprises, which is manifested in the promotion of green innovation and the enhancement of enterprise value.

Key words: Carbon Information Disclosure, Trade Credit Financing, Supply Chain Trust