Research On The Relationship Between Environmental Information Disclosure,Management Governance And Financing Constraints

At present,as the largest developing country,China is at an important turning point of economic take-off.The 17 th National Congress of the Communist Party of China has long pointed out that the mode of economic development needs to change from mainly relying on resource consumption to mainly relying on scientific and technological innovation and improving the quality of the working people,and from extensive growth to intensive growth.In this changing process,the extensive development mode of chemical industry will lead to frequent safety accidents,excessive energy consumption,damage to the ecological environment and other problems,resulting in environmental problems to a new historical height.Environmental problems are likely to bring greater social and financial risks to enterprises,so stakeholders require enterprises to disclose environmental information in a timely and comprehensive manner,and pay attention to the status of enterprises’ environmental responsibility at any time.However,China’s environmental accounting related regulatory system and laws and regulations are not perfect,research started late,domestic listed companies generally have uneven levels of environmental information disclosure.In the imperfect capital market,most enterprises are faced with the dilemma in the process of development,which is the risk premium problem caused by the information asymmetry between the two sides of capital lending,that is,the high financing cost of enterprises leads to the increase of financing constraints,which restricts the creation of enterprise value and affects the efficiency of enterprise resource allocation.With the increasing importance of corporate environmental governance,environmental information has become an important way to understand the performance of corporate environmental responsibility,which is widely concerned by stakeholders.Research on the impact mechanism of environmental information disclosure on financing constraints is of great significance to reduce the financing constraints of chemical enterprises.Based on the typical chemical listed enterprises in heavy pollution industry as samples,this paper collects and collates the social responsibility report,financial report and environmental report of the sample enterprises from 2015 to 2019 through guotai’an database,analyzes the environmental information disclosure in the report,establishes the evaluation system of environmental information disclosure,and combines with the management governance,through descriptive statistical analysis Pearson correlation analysis and multiple regression analysis are used to explore the impact of environmental information disclosure on financing constraints and the regulatory role of management governance between them.The results show that both environmental information disclosure and management governance have a negative impact on financing constraints,and management governance can enhance the negative impact of environmental information disclosure on financing constraints.According to the conclusion of this paper and the current situation of environmental information disclosure in China,this paper puts forward some suggestions: enterprises should affirm the role of environmental information disclosure in reducing the financing constraints of enterprises;Improve the internal management governance mechanism of enterprises;Improve the executive incentive and restraint system;The government should step up its intervention in environmental information disclosure and gradually turn to the leading type.