This paper takes China's highly polluting companies listed in the period from 2009 to 2014 as samples and mildly polluting listed companies of similar size, e.g. real estate companies, as paired samples, and empirically tests the relationship between carbon performance, carbon information disclosure quality and cost of equity financing through constructing a carbon information disclosure index evaluation system. The research results show that the better the carbon performance is, the higher quality the carbon information disclosure will have, and it can promote the quality of non-financial carbon information and financial carbon information. The enterprise with good carbon performance can identify themselves from the bad by enhancing carbon information disclosure quality. Enterprises which improve the quality of carbon information disclosure can reduce the cost of equity financing, and the disclosures of financial carbon information has effect on reducing the cost of equity financing, but non-financial carbon information has not. In terms of enterprise property, non-public enterprises that improve carbon information disclosure quality are more likely to reduce the cost of equity financing, but the influence of public enterprises is not obvious. In addition, the improving of enterprise carbon performance does not strengthen the negative relationship between carbon information disclosure and cost of equity financing. In theory, the results accord with the research trend of focusing on non-financial information disclosure; in practice, it has a certain practical significance in encouraging enterprises to invest in the field of low-carbon reduction.
