Research On Carbon Accounting Information Disclosure And Financing Constraints In Heavy Pollution Industry

While the rapid development of the global economy,the impact of climate change is also becoming more and more serious,extreme weather events have caused huge social losses,in the context of carbon emission reduction in the world to cope with climate change,carbon accounting information disclosure has become the first measure for countries to fulfill their carbon emission reduction obligations,and is also a hot issue in academic research.In China,2018 is a year when the construction of ecological civilization and environmental protection move from theory to practice.This year,green finance has transformed into a broader "sustainable finance" with a constant focus on climate change.The G20 Sustainable Finance Report deploys sustainable assets to global capital markets,presenting development options and proposed ways to go.The report notes that the specific constraints currently facing the united view are highlighted by "lack of information" and "information asymmetry".Carbon information disclosure as a first step to reflect enterprises to the outside world to cope with climate change,more and more attention,carbon information disclosure of the economic consequences of scholars from all walks of life has been discussing the hot spot,this paper from the perspective of the listing of heavy pollution enterprises external financing constraints to further demonstrate the importance of carbon information disclosure,and the introduction of innovative input level,It has a certain theoretical significance and certain innovation.Can the disclosure of carbon accounting information effectively alleviate the financing constraints? Is the mitigation degree of state-controlled enterprises and non-state-owned enterprises the same? With the rapid development of information technology,innovation has become the theme of the times,and technological upgrading of enterprises can reduce carbon emissions from the source.Does the relationship between the level of innovation input of enterprises regulate the disclosure of carbon accountinginformation and financing constraints? After reviewing the relevant literature in recent years,based on principal-agent theory,information asymmetry theory,stakeholder theory,the paper takes the listed companies in the heavy pollution industry of Shanghai and Shenzhen A from 2016 to 2018 as a research sample,and comprehensively examines the relationship between carbon accounting information disclosure,the nature of controlling equity,financing constraints,and innovative inputs.After reviewing the relevant literature,based on the theory of principal agent,information asymmetry theory,stakeholder theory and budget soft constraint theory,based on the research sample of Shanghai-Shenzhen A-share heavy-pollution listed companies in2016-2018,this paper comprehensively examines the relationship between carbon accounting information disclosure,the nature of controlling equity,financing constraints and innovation input.China has not formulated a unified carbon information disclosure mechanism,nor requires enterprises to set up specialized agencies to account for and disclose carbon accounting information,overall,China’s carbon accounting information disclosure is still in the initial stage.At this stage,China’s enterprises disclose carbon information mainly through the external social responsibility report,sustainable development report,environmental report and annual report.Therefore,this paper is mainly based on annual reports,social responsibility reports,sustainable development reports,environmental report data,combined with existing research results,the establishment of carbon accounting information disclosure evaluation system,the system of projects one by one and manually organized to obtain carbon accounting information disclosure level.This paper combs through the indicators of measuring the level of financing constraints at home and abroad,and finally selects sA index as the agent variable of financing constraint,which can overcome the endogenous problem very well.Select RD as the agent variable for innovation input.Through regression analysis,further study of the relationship between the three,the following conclusions are drawn:(1)China’s heavy polluting enterprises through the disclosure of carbon accounting information,can effectively alleviate the financing constraints faced by enterprises,and the higher thelevel of disclosure,the greater the intensity of mitigation;(3)Although the nature of property rights will have a significant impact on financing constraints,the mitigation degree of non-state-owned enterprises will not be more significant in the disclosure of carbon accounting information of heavy-polluting enterprises;Finally,in view of the conclusion of the study,this paper puts forward the corresponding opinions and outlook from the three dimensions of government,society and enterprise,which can be used for reference by the relevant units,which is of practical significance.