Research On The Impact Of Environmental Accounting Information Disclosure On Commercial Credit

In recent years,the state's effort to protect the environment and the public awareness of environmental protection has gradually strengthened.Enterprises begin to pay attention to environmental protection efforts.Especially,investors deeply need environmental protection information.At present,China's environmental accounting information disclosures are still imperfect and related disclosures are still in the stage of encouraging disclosure and voluntary disclosure.Relevant studies pay more attention to the forms and carriers of environmental accounting information disclosure,and less to the impact of environmental accounting information disclosure on enterprise management.Commercial credit is a kind of loan relationship between enterprises because of deferred receipt or advance payment.As a short-term financing means,the impact of environmental responsibility on commercial credit is still unclear.As a part of the disclosure of social responsibility,the disclosure of environmental accounting information is affected by the market environment,in which China is in the period of economic transformation and regional development.There are obvious differences between China and the western countries.Therefore,it is necessary to consider the special market environment in China when studying the disclosure of environmental accounting information.Based on the sustainable development theory,social responsibility theory,excess disclosure income theory and information asymmetry theory,this paper uses the data of listed companies of China's heavily polluted industries in Shanghai and Shenzhen from 2010 to 2014.It combines theoretical analysis with empirical analysis to explore the impact of environmental accounting information disclosure on commercial credit,and adds market environment as a regulatory variable to test the moderated effect in the relationship between the two.The results show that the disclosure of environmental accounting information has a significant positive impact on the level of commercial credit.To a certain extent,the disclosure of environmental accounting information reduces the information asymmetry between investors and enterprises,thus reducing the risk expectations of investors and improving the level of commercial credit.The disclosure level of environmental accounting information has a significant impact on the level of commercial credit of enterprises.Because environmental accounting information disclosure with high level can establish a good image of social responsibility for enterprises and show the strong economic strength of companies,which attract more capital inflow for enterprises.Market environment has a significant positive impact on the relationship between the disclosure level of environmental accounting information and the level of commercial credit.The improvement of market environment makes enterprises under pressure to carry out high-level environmental accounting information disclosure.With the deepening of marketization,enterprises can understand the importance of sustainable development more clearly and have more motivation to carry out environmental governance and disclose environmental accounting information.This paper studies the impact of environmental accounting information disclosure on commercial credit by taking commercial credit as the research object,expands the research on environmental accounting information disclosure and commercial credit in theory,and opens up a new direction for enterprise financing under the special market background of China's economic transformation and unbalanced regional development.At the same time,this paper puts forward policy suggestions for speeding up the improvement of the relevant provisions of environmental accounting information disclosure according to the limit of this paper.These suggestions include strengthening the supervision of environmental accounting information disclosure of enterprises,and strengthening the relationship between government and market,as a result,which can promote enterprises to strengthen environmental protection work,while safeguarding the practical interests of enterprises,investors and the public.