The Impact Of Environmental Liabilities On Corporate Financing Structure

In the context of the global economy entering the "green economy",in recent years,ecological environment has become a key issue concerned by all sectors of society,and also one of the important topics of China's "13th five-year plan".Enterprises should shoulder the responsibility of protecting the environment by consuming a large amount of natural resources and discharging various pollutants in their production and operation.The ultimate goal of enterprises is to pursue profits and improve corporate performance.Clarifying the relationship between corporate environmental responsibility and corporate performance is helpful for enterprises to take corresponding environmental protection measures and promote the sustainable development of society.In this paper,all the listed companies of a-share listed companies in China that disclosed the sewage discharge fees during the period of 2013-2017 were used as the initial research samples and screened as follows: the listed companies that did not disclose the data of environmental pollution and sewage discharge fees in the annual report during the period of 2013-2017 were excluded;Exclude public companies with incomplete data.Finally,1067 observations from 302 companies were obtained.The non-equilibrium panel data are used in this paper.From the China securities regulatory commission website(www.csrc.gov.cn)a-share listed company annual report,enterprise in trial data obtained by manual collection and calculation,to asset ratio as A measure of corporate financing structure of the dependent variable,the pollutant discharge fee as indicators of corporate environmental liabilities/total assets,return on assets of enterprises for mediation variables,select relevant variables as control variables on the level of enterprises,from the theoretical level elaborates the environmental responsibility to the enterprise financing structure can produce effect,using multiple linear regression model,the empirical relationship between them is discussed also.Finally,this paper draws a conclusion through empirical structure: the fulfillment of environmental liability has a positive effect on corporate performance,while it has a negative effect on corporate liability.According to the conclusion,the paper gives some policy Suggestions,such as paying attention to the study of environmental liability theory and practice,establishing scientific and reasonable environmental accounting standards,and selecting enterprises for environmental liability accounting pilot.