In the face of the deterioration of the living environment caused by global warming, encouraging enterprises to complete the endogenous transformation of carbon emission reduction has become a necessary measure to achieve harmonious development of economy and environment. This paper takes 100 typical enterprises comprising the SSE Social Responsibility Index as the research sample, and explores the time-varying relationship between carbon information disclosure and corporate value from a continuous dynamic perspective. Firstly, based on the dynamic information of the carbon disclosure data, the carbon information disclosure evaluation index curve is constructed to objectively measure the development level of carbon information disclosure of enterprises. Then, depending on the functional dynamic regression, the time-varying trajectory of carbon information disclosure affecting corporate value is continuously portrayed. Finally, the dynamic influence of the relationship between the two was investigated from within the enterprises in terms of the nature of ownership and industry attributes, and from outside in terms of the moderating variables such as government regulation, media attention and environmental supervision. The study finds that: (1) carbon information disclosure has a significant impact on corporate value, but the intensity and strength of the impact varies across time. At the initial stage when enterprises explore the disclosure of carbon information, carbon information disclosure is not conducive to the enhancement of corporate value, but when the quality of carbon information disclosure reaches a certain level, the higher the level of carbon information disclosure, the higher the corporate value. (2) The moderating effects of internal factors, such as the nature of ownership and industry attributes, and external factors, such as government regulation, media attention and environmental supervision, have time-series characteristics. At the initial stage when the state advocates low-carbon emission reduction, the relationship between carbon information disclosure and corporate value is more significant among state-owned enterprises and highly polluting enterprises, media attention and environmental supervision will also enhance this relationship, but the opposite is true when a national carbon trading system is first established. However, government regulation always has a positive effect on the relationship between carbon disclosure and corporate value.

Carbon information disclosure, Enterprise value, Functional regression, Moderating effects, Time-varying relationships