Research On The Relationship Between Corporate Environmental Information Disclosure And Financing Constraints

With the gradual advancement of ecological civilization construction,the environmental impact and environmental responsibility performance of enterpr:ises in production and management activities have received increasing attention.Environmental information disclbsure is an important way for external investors and creditors to understand the status of corporate environmental responsibility.Meanwhile,the enterprises display their environmental protection measures and create a green environmental image through environmental information disclosure.At the same time,China's economy is in the midst of economic transformation,and financing constraints are widespread,which seriously affects the healthy development of enterprises.Will environmental information disclosure have an impact on financing constraints?Based on the unique perspective of financing constraints,this paper explores the economic consequences of corporate environmental information disclosure,with a view to prompting enterprises to improve the quality of environmental information disclosure and provide a basis for the improvement of policy systems.Based on the current institutional background of environmental protection and green finance in China,this paper expounds the necessity and significance of environmental information disclbsure based on the Sustainable Development Theory,Stakeholder theory,and summarizes the environment by combining Asymmetric Information Theory,Signalling Theory and Pecking Order Theory.Information disclosure afifects three paths on financing constraints:(1)Environmental information disclbsure can reduce information asymmetry,while increasing market liquidity and reduce transaction costs and trarnsaction risks;(2)Environmental information disclosure can transmit positive signals of environmental protection and shape a good image;(3)Comp lying with the Green Financial policies,win the favor of regulators,get more subsidies and benefits.On this basis,the effects of differences in Nature of property,industry characteristics and marketization degree are discussed respectively,and four hypotheses of this paper are proposed.This paper selects the listed companies in t:he 2010-2016 Runling Global Responsibility Rating as the research sample,constructs the environmental information quality index EDI with the content-based score C value,and etrpirically tests the environnmental information disclbsure of the enterprise through the cash-cash flow sensitivity model The results indicate that:(1)There is a significant negative correlation between environmental information disclosure and financial constraints that is,the higher the quality of' corporate environmental information disclosure,the more significant the mitigation of financing constraints,(2)Compared with state-owned enterprises.the negative correlation bet.ween the q uality of environme ntal information disclosure and financing constraints of non-state-owned enterprises is more significant,that is.Non-state-owned enterprises improve the quality of environmental information disclosure is more conducive to alleviating their financing constraints.(3)Non-heavy polluting enterprises can also significantly ease financing constraints by improving tlhe quality of environmental informatio n disclos ure,but the mitigation effect is not as obvio us as that of heavily polluting enterprises.(4)Compared with enterprises with low degree of marketizatioa the negative correlation between corporate environmental information disclosure quality and financing constraints is more significant in regions with higher marketization.In order to ensure reliable results,this paper constructs a KZ index for robustness test,and the test results are consistent with the empirical res ults.The researc h conclusio ns of this paper support the concept of green development.According to the differences in property rights,industry and marketizatioIn,the economic consequences of environmental information disclosure in the field of financing are explored,and the research direction of cross-disciplinary fields is expanded.At the same time,it provides a new way for enterprises to ease financing constraints,and it is beneficial for the regulatory authorities to weigh the economic development and ecologic al pro tection re latio nship and the n develop a more scientific and effective environmental information disclosure system which can better implement the green development concept and promote economic,social sustainable development.