Against the backdrop of the comprehensive advancement of the “dual-carbon” strategy and the high-quality development of capital markets, climate information disclosure has emerged as a critical factor influencing corporate risk levels and stock price stability. Using a sample of non-financial A-share listed companies in China from 2010 to 2025, this study empirically examines the impact of climate information disclosure on stock price crash risk, its transmission mechanisms, and heterogeneous effects. The findings indicate that climate information disclosure significantly mitigates stock price crash risk, with investor sentiment playing a partial mediating role. Heterogeneity analysis reveals that this mitigating effect is more pronounced in non-state-owned enterprises and high-carbon industries. This paper provides preliminary empirical evidence for understanding the capital market effects of climate information disclosure.
Junrou Wu (Mon,) studied this question.
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