Impact Of Environmental Information Disclosure On Corporate Loan Availability

Green credit is conducive to environmental protection.It is not only the specific means of energy conservation and emission reduction,but also the beginning of a series of environmental economic systems.It is the necessary means for China’s economic development from extensive to efficient.Therefore,how to better implement green credit is of great significance to the establishment of environmental economic system in China.As the participants in the process of green credit,the game between banks and enterprises is the key to the smooth implementation of green credit.In the process of enterprises applying for loans from banks,risk assessment is the main behavior of banks.The results of risk assessment affect the amount of loans from enterprises,and the materials for assessment are the information that banks know about enterprises.Therefore,the transmission of information between banks and enterprises is very important.This paper makes an empirical study on the quality of environmental information disclosure and the availability of corporate loans,and discusses the changes in the relationship between the two under different circumstances,and understands the change mechanism,so as to provide a reference for banks to more scientifically implement green credit policies.This paper fully combs the relevant literature at home and abroad,taking the development level of banking industry,the quality of internal control of enterprises,and the property right attribute of enterprises as the adjustment variables,and analyzes the heterogeneity.Based on the data of A-share listed companies in heavy pollution industry from 2011 to 2018,a scientific environmental evaluation index is established,and the relevant analysis is carried out by using the quantitative analysis software stata13.0.By examining the impact of the quality of environmental information disclosure of enterprises in heavy pollution industries on their loan availability and the heterogeneity of the process under different circumstances,this paper examines whether bank loans really pay attention to the environmental risk and environmental information disclosure quality of enterprises in heavy pollution industries.The main conclusions of this paper are as follows:(1)The higher the quality of environmental information disclosure,the larger the stock and increment of bank loans,the higher the new short-term loans and new growth period loans,and the lower the corresponding loan cost.Therefore,the higher the quality of environmental information disclosure,the higher the loan availability High.(2)The lower the development level of the banking industry is,the more likely the bank will use the environmental information disclosed by the enterprises in the heavily polluted industry to understand the environmental related loan risks;the higher the development level of the banking industry is,the more extensive the channels for the banking industry to collect the environmental information of the enterprises in the heavily polluted industry are,not only relying on the channel of the enterprise environmental information disclosure,that is,the development level of the banking industry It has a negative regulatory effect on the relationship between the quality of environmental information disclosure and the availability of corporate loans.(3)The worse the internal control is,the more the bank will pay attention to the environmental risk assessment and environmental information disclosure;the better the internal control is,the better the environmental protection is,so the bank will pay less attention to the environmental information disclosure,that is to say,the quality of internal control is more important for the bank The relationship between the quality of environmental information disclosure and the availability of corporate loans has a negative regulatory effect.(4)Under the same quality of environmental information disclosure,banks are more willing to lend to the state-owned enterprises of heavy pollution industry,that is,the property right of enterprises is state-owned enterprises,which enhances the positive correlation between the environmental information disclosure of enterprises of heavy pollution industry and the availability of loans.The conclusions of this paper are of the following significance:(1)It enriches the research on the economic consequences caused by the quality of environmental information disclosure,and enriches the previous empirical research on the single index of loan availability.(2)In addition,the heterogeneity research in different situations is supplemented to study the change degree of the relationship between the quality of environmental information disclosure and the availability of loans in heavy pollution industries.(3)It is helpful for the enterprises of heavy pollution industry to re position the environmental information disclosure and improve the quality of environmental information disclosure.(4)It is helpful for China’s banking industry to make a more scientific assessment on the environmental information disclosure of enterprises in the heavy pollution industry.(5)It is helpful for local governments to supervise enterprises and banks more scientifically.