Research on the Impact of Carbon Market Pilot Policies on Corporate Information Transparency: Perspectives from External Supervision and Internal Demand

The impact of carbon market pilot policies on corporate information transparency remains an unresolved issue. This study examines the mechanisms through which carbon market pilot policies influence corporate information transparency from the dual perspectives of external supervision and internal demand. Based on panel data from A-share listed companies in China from 2011 to 2022, the study employs multi-period DID model, two-way fixed effects model, and mediation effect model. The findings reveal: Carbon market pilot policies increase corporate information transparency by an average of 8.07%. This effect is achieved through dual pathways: media governance contributes 10.69%, while financing demand contributes 2.33%. The policy effect is more pronounced for large-scale, non-state-owned, and high-carbon-emitting enterprises, particularly in regions with stronger environmental regulations, higher marketization levels, and greater industry concentration. The study proposes policy recommendations, including optimizing carbon market design and building a multi-dimensional external supervision network. It also suggests innovating green financial tools and emphasizing differentiated, targeted policy design. These measures aim to achieve synergy between environmental governance and high-quality capital market development.