Research On The Influence Of Carbon Disclosure Quality To Credit Resource Allocation

The “Green Credit Policy” is introduced which associates quality of environment information disclosure with credit resource allocation.How effective is the effect of the policy has become a hot spot of concern to the government and the public.Carbon emission information is an important part of environment information.The bank will pay attention to carbon information or not when they allocate credit resources? Enterprises can alleviate the asymmetry between investors and banks and obtain more loans when they improve quality of carbon disclosure? These issues are worthy of further study.this paper empirically tests the correlation between quality of carbon disclosure and credit resource allocation.Considering research findings of carbon disclosure framework and characteristics of our country,this paper builds evaluation index of the quality of carbon disclosure and quantify carbon disclosure quality in the corporate social responsibility report by the way of content analysis.First,perform scanning analysis on corporate carbon disclosure status.Second,analyze the correlation among quality of carbon disclosure,credit resource total and term structure of credit by ordinary least square.Third,taking refinancing demand as grouping variable,the correlation between quality of carbon disclosure and credit resource allocation is tested in groups in order to determine whether the results are the same.Research conclusions are as follows: Carbon disclosure methods are irregular in our country and the overall level is still worse though the quality of disclosure improves every year;The significant positive correlation between quality of carbon disclosure and credit resource total shows that the greater quality of carbon disclosure the enterprise provide,the more credit resources they can get,which can help relieving the debt financing restriction;The positive correlation between quality of carbon disclosure and short-term credit resources is more significant;Compared with the group that has lower refinancing needs,the opposite group has more significant positive correlation between quality of carbon disclosure and credit resource.According to the research conclusions,put forward policy suggestions in four aspectssuch as the public,listed companies,banks and government.the public should enhance the awareness of low-carbon,guide enterprises to reduce carbon emissions from the perspective of demand;listed companies should improve the status and the mechanism of carbon disclosure in order to obtain the market endorsement and relieve the debt financing restriction;make sure the “Green Credit Policy” is successfully implemented by banks through laws and efforts of China Banking Regulatory Commission;the government should accelerate the establishment of carbon disclosure framework and relevant laws in order to supervise listed companies to disclosure carbon information and reduce carbon emissions.Carbon information is an important part of non-financial information and a necessary supplement to financial information.Creditors and other stakeholders can evaluate the carbon risk and opportunity of the enterprise according to the carbon information,which is beneficial to the stakeholders' investment and financing decisions.Thus,stakeholders should pay enough attention to quality of carbon disclosure.This paper combines quality of carbon disclosure with credit resource allocation.On one hand,it is helpful to reduce carbon emissions and protect the environment;on the other hand,it is helpful to strengthen the understanding of quality of carbon disclosure,reduce the risk of bank credit,and allocate the credit resources reasonably.