Research On The Relationship Between External Financing Demand,Media Attention,and The Impression Management Of Carbon Information Disclosure

With the frequent occurrence of climate problems such as global warming,the society pays more attention to the carbon emission of enterprises.On December 19,2017,the national Carbon Emission Trading System（ETS）was first launched in the power industry.The demand for carbon information in the carbon market is unprecedented high,more and more enterprises release carbon information through the release of social responsibility report（CSR）.However,existing researches have found that there is a certain difference between the real carbon performance and carbon disclosure of enterprises,that is,impression management behaviors are found in the carbon information disclosed by enterprises.How the motivation of enterprises to manage the impression of carbon information disclosure arouses hot discussion among scholars.In recent years,China has implemented green financial policies,issued a series of normative documents on environmental information disclosure,environmental verification of external financing demand,and green credit in the capital market,which have strengthened the environmental constraints on corporate financing behavior,and environment-friendly enterprises have become more and more favored by the society.As an important part of environmental information,will enterprises conduct impression management on carbon information disclosure in order to better meet their external financing demand,so as to beautify carbon performance and establish a green image,so as to gain recognition and support from financing institutions and investors? Can the media’s attention on enterprises play their supervisory and governance functions so as to restrain the impression management behaviors of carbon information disclosure taken by enterprises for the convenience of financing to a certain extent? These questions deserve our further study.In this paper,eight high-carbon industries from 2015 to 2019 are selected as research samples.Based on existing studies,an indicator system is constructed to measure the degree of impression management of corporate carbon information disclosure.And empirically examine the impact of external financing demand on the impression management of corporate carbon information disclosure,examine the moderating effect of media attention on the relationship between them.At the same time,further test whether the relationship between the above two will be different under different property rights.The results show that the external financing demand can promote the impression management behavior of carbon information disclosure of enterprises,and the stronger the external financing demand,the higher the degree of impression management of carbon information disclosure of enterprises.Compared with state-owned enterprises,the external financing demand has a more significant promoting effect on the impression management of carbon information disclosure in non-state-owned enterprises.Media attention can significantly restrain the promoting effect of external financing demand on the impression management of carbon information disclosure.The inhibitory effect of media attention is different under different property rights of enterprises.The study of this paper strives to provide practical reference for enterprises to manage carbon and investors to make investment decisions,to provide theoretical reference for countries to formulate carbon information disclosure rules,and to provide empirical data support for the smooth development of carbon emission trading system.