As a key foundation for capital market development, the quality of information disclosure by listed companies is crucial for financial services supporting real economic growth. Using data from non-financial listed companies (2012-2022) and the DID method, this paper examines the impact of Shanghai Commercial Paper Exchange Corporation Ltd. (SHCPE)’s establishment on the quality of information disclosure. The results show that SHCPE’s establishment significantly improves disclosure quality. Mechanism testing shows that bill digitization from SHCPE reduces financial risks and enhances internal controls, thereby improving disclosure quality. Further analysis reveals that the impact varies with internal governance complexity and external governance intensity, being more pronounced in firms with higher challenges in these areas. Improved disclosure quality also enhances both the long-term and short-term economic value of firms. This paper supplements the literature on the governance effect of SHCPE’s establishment on the quality of information disclosure, and also provides empirical evidence for the stable and healthy development of financial markets and the construction of a multi-level capital market with Chinese characteristics.