Corporate Environmental Information Disclosure, Media Reports And Financing Constraints

The theory of information asymmetry holds that the reason why enterprises are caught in the constraints of financing constraints is ultimately because there are differences in the content,amount of information and degree of information that enterprises and external investors have in the process of trading.Nowadays,environmental pollution incidents occur frequently.The environmental awareness and environmental behavior of enterprises are concerned by more and more stakeholders.In order to comply with the trend,the regulatory authorities have introduced a number of laws and regulations related to environmental behaviors of polluting industries,requiring listed companies to disclose more relevant information about the environment.Therefore,the disclosure of corporate environmental information has become an important reference indicator for external investors to measure business operations,and has become an indispensable factor to alleviate information asymmetry.Therefore,this paper uses financing constraints as an entry point to explore environmental information with heavy polluting industries.Disclosure of the relationship and introduce network media variables to explore the role of media reports in regulating the two.On the one hand,the media's communication function is used to transmit the environmental behavior of enterprises to external information consumers to reduce information asymmetry.on the other hand,encourage the media to play a supervisory function to stimulate enterprises to assume social responsibility and consciously carry out the disclosure of information.This paper selects 175 listed companies in the heavily polluted industries in Shenzhen as a sample,sorts out the relevant data published in 2008-16,conducts a comprehensive investigation of the motives of corporate environmental information disclosure,and adopts the cash-cash flow sensitivity proposed by Almeida et al.(2004).The model measures the degree of financing constraints of the enterprise.By classifying,scoring and summarizing the relevant environmental contents such as the annual financial report and annual responsibility report of the enterprise,the total score of the environmental information disclosure level is obtained.As an explanatory variable,Baidu News “Advanced Search” is selected.The name of the sample company or the relevant code is divided into industry searches by industry,andthe total number of entries is taken to take the natural logarithm measurement media variables,and then the experimental hypothesis is derived and verified.The results of the study indicate that(1)companies that disclose social responsibility are more likely to attract external financing than those that do not disclose social responsibility.(2)The higher the level of corporate environmental information disclosure,the faster the financing dilemma is improved,and although the natural advantages of state-owned enterprises are lacking,the influence of the two under the nature of non-state-owned enterprises is rather significant.(3)Under the influence of media reports,the higher the level of corporate environmental information disclosure,the more it can alleviate the financing constraints of enterprises,but the effect is not very significant.Finally,based on the empirical results of this paper,try to make reasonable suggestions.