Green Finance,Environmental Information Disclosure And Financing Constraints

With the 19th National Congress of the Communist Party of China listing pollution control as one of the "three key battles",the concept of building a beautiful China and taking the road of green development has been deeply rooted in the hearts of the people.In this context,heavy polluting enterprises,as the main source of environmental pollution,how to deal with the relationship between environmental protection and economic growth in the process of transfer and restructuring,is of great significance for maintaining the sustainable development of enterprises.Firstly,this paper starts from the financing constraints faced by heavily polluting enterprises in the process of green transformation,based on the cash-cash flow sensitivity model proposed by Almeida,and uses the data of heavily polluting listed companies in 2012-2017 to combine sustainable development.Based on the theories of sustainable development,information asymmetry and efficient market hypothesis,this paper puts forward the research hypothesis that the development of green finance and disclosure of environmental information can alleviate the financing constraints.In addition,1344 core journals and above were visualized by CiteSpace V.Secondly,based on five indicators,such as green investment and credit,which affect the green development of enterprises,the entropy method is used to construct the indicators of the development level of green finance.It also collects environmental information published by the company’s annual report,etc.,and uses the content analysis method to score the environmental information disclosure index.Finally,three extended Almeida models are constructed step by step,and the data and model are processed by Stata software to conduct empirical analysis to test the rationality of the research hypothesis.The research results show that there are widespread financing constraints in China’s heavy polluting enterprises.However,the development of green finance in enterprises has produced positive externalities of the environment,which can attract funds from institutions such as government and commercial banks to flow into enterprises and expand financing channels.At the same time,the disclosure of environmental information can enable outside investors to fully understand the environmental information of enterprises,identify which enterprises are "dark green",judge whether they have the potential for sustainable development,slow down the degree of information asymmetry,reduce investment risks,and increase the amount of investment,thereby alleviating the financing constraints.Moreover,as an emerging policy finance,green finance stimulates the improvement of the quantity and quality of enterprises’ environmental information and improves the effectiveness of the market.The higher the level of green financial development,the more significant the mitigation effect of disclosure of environmental information on financing constraints.This indicates that guiding the development of green finance and disclosure of environmental information by heavily polluting enterprises is conducive to alleviating the problem of financing constraints.The research hypothesis of the paper is established.Therefore,heavily polluting enterprises and related investors should adopt corresponding policies to achieve a win-win situation between environmental benefits and economic benefits.