Study On The Influence Of Environmental Information Disclosure On The Debt Financing Capacity Of Coal Enterprises

With the continuous progress of human historical civilization and the continuous improvement of global economic level,the environment has also been seriously damaged,which has greatly affected the survival and development of human beings.At present,more and more countries and regions begin to pay more attention to environmental problems,and sustainable development strategies have been accepted and adopted by many countries.In this context,enterprises in the process of economic development,began to consider environmental issues.It is necessary for enterprises to disclose their environmental information to the outside world so as to ensure the healthy and sustainable development of enterprises and society.Environmental information disclosure has a great impact on investors'investment decision-making activities.High energy consumption and high pollution heavy pollution enterprises are one of the most important causes of environmental deterioration in China,and the coal industry is one of the most representative heavy pollution industries.Therefore,this paper selects the coal industry as the research sample field.Firstly,through reading and analyzing the relevant research results at home and abroad,this paper introduces the theories and concepts of environmental information disclosure and debt financing from a theoretical point of view,and the influencing factors.This paper expounds the current characteristics of enterprise environmental information disclosure level and debt financing ability,and makes corresponding assumptions.After that,the coal enterprises listed in Shanghai and Shenzhen A shares were selected as the object of study,and the relationship between the environmental information disclosure and their debt financing ability between 2014-2018 was analyzed.Correlation analysis and multiple linear regression were used to study and verify.Finally,from the macro and micro angles,on the one hand,it is suggested that the relevant legislative system should be constructed from the perspective of government and society,and the supervision should be strengthened.On the other hand,coal enterprises should further promote the level of information disclosure.The results of this paper show that there is a positive correlation between the scale of debt financing and the proportion of long-term borrowing of total loans and the level of environmental information disclosure for coal listed enterprises.There is a negative correlation between the debt financing cost and the level of environmental information disclosure.This paper demonstrates from the empirical point of view that in coal listed enterprises,environmental information disclosure will have a certain impact on debt financing capacity,and according to the empirical results,combined with the coal industry background.The further development,improvement and deepening of the understanding and understanding of green credit policy are given.