Using listed enterprises in China’s heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of equity financing. The results show that, regardless of marketization degree, the overall level of carbon information disclosure of listed enterprises in China’s heavy pollution industry is low. The content of carbon information disclosure is mainly non-financial carbon information, and the financial carbon information disclosure is very low. The cost of equity financing is different in areas with different marketization degrees, specifically speaking, the cost of equity financing is lower in regions with a high marketization degree than that of a low marketization degree. Carbon information disclosure, non-financial carbon information disclosure, and financial carbon information disclosure are negatively correlated with the cost of equity financing. The marketization degree has strengthened the negative correlation between carbon information disclosure, non-financial carbon information disclosure, financial carbon information disclosure, and the cost of equity financing, respectively.

Regional haze pollution, a severe atmospheric environmental problem, has profoundly harmful effects on the ecological environment, public health and the quality of economic development, and has accordingly attracted considerable attention from policymakers, researchers and the public. This article comprises a systematic literature review of the existing research on the theoretical mechanism, empirical analysis and institutional arrangement of regional haze pollution. As a result, it is found that various studies from multiple disciplines have touched upon the relevance of haze issues, including theoretical and experimental research on its formation, evolution and mechanisms from the perspective of the natural sciences, as well as empirical analysis and policy research on governance strategies, effects and mechanisms from the perspective of the social sciences, yet a systematic review and critical assessment synthesizing the above research is urgently needed. Future directions and research prospects are highlighted, showing that it is necessary to supplement and improve the theory and practice concerning the identification, measurement and assessment of haze pollution, as well as regional controlling strategies and policy implementation assessments. In short, in this review, we have aimed to help integrate the theoretical and empirical consensus in multidisciplinary fields, thereby promoting the accurate analysis, fine management and the development of precise policies in regards to regional haze pollution.