Abstract: Taking Shanghai and Shenzhen A-share listed companies with heavy pollution from 2010 to 2019 as research samples,this paper makes an empirical analysis on the green innovation effect of environmental information disclosure quality,and tests the intermediary role from the perspective of financing constraints and agency costs.The results show that there is a positive correlation between the quality of environmental information disclosure and the level of green innovation in heavily polluting enterprises.From the perspective of influence mechanism,financing constraints and agency costs play an intermediary role in the relationship between the quality of environmental information disclosure and green innovation.Specifically,the improvement of the quality of environmental information disclosure can effectively reduce the negative impact of financing constraints and agency costs on green innovation,thus it promotes green innovation.Further study finds that environmental information disclosure quality in promoting green innovation is only established in state-owned enterprises,large-scale enterprises and the eastern region,which provides empirical evidence to formulate environmental information disclosure policies,promote green innovation and the green transformation of enterprises.

Key words: environmental information, disclosure quality, green innovation