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Abstract: Using Chinese A-share private firms observed from 2015 to 2021, this study asks whether reverse mixed-ownership reform changes the quality of corporate carbon information disclosure. The reform is measured as the entry of state-backed equity, while disclosure quality is assessed through computational text analysis of CSR and sustainability reports. The estimates indicate a positive and statistically significant association: firms receiving state capital report carbon information more fully. The result survives the endogeneity treatment and the additional robustness checks. The cross-sectional evidence further shows that the association is stronger where government intervention is greater, among firms whose executives have no political connections, and in polluting industries. Taken together, the findings point to two complementary channels - less severe financing constraints and stronger external environmental oversight - through which state participation may improve the substance of carbon reporting.