Abstract: As a key mechanism to drive forward green transformation and high-quality development, corporate carbon information disclosure, especially its quality, plays a prominent role in refining the microfoundations of climate governance. Based on a sample of heavily polluting enterprises between 2015 and 2023, this study employed DDML model to systematically examine the impact of data element marketization on corporate carbon information disclosure quality and its underlying mechanisms. The findings demonstrate that data element marketization significantly improves the quality of carbon information disclosure of heavily polluting enterprises, a conclusion that stands firm even after a series of stability examinations, by expanding the breadth and depth of digital technology application. Moreover, this promotion effect is more pronounced in non-state-owned firms, small and medium-sized firms, energy-intensive enterprises and enterprises located in areas with high environmental attention. The research findings provide empirical reference and policy implications for deepening data element marketization reforms, strengthening empowerment of digital technology on corporate green governance, and precisely enhancing the carbon information transparency of heavily polluting enterprises.

Key words: data element marketization, digital technology application, carbon information disclosure, double debiased machine learning (DDML), heavily polluting enterprise