Study On The Relationship Between Carbon Disclosure,analyst Concerns And Financing Constraints

The frequent occurrence of extreme weather caused by global climate change has not only caused huge social and economic losses,but also directly threatened the survival and green sustainable development of human beings.As the first step to reflect the response of enterprises to climate change,carbon information disclosure has increasingly become the focus of theoretical and academic circles.With the increasing pressure of energy conservation and emission reduction transformation of enterprises,the carbon information disclosure of high-carbon enterprises has received more and more attention.At present our country carbon content still belong to the category of voluntary disclosure of information disclosure,enterprise information disclosure of carbon can not only actively promote to foreign advanced low carbon green environmental protection idea,to fully demonstrate its good image in the practice of energy conservation and emissions reduction,but also to a certain extent affect the relevant decisions,investors can also further promote enterprise to complete our country’s carbon emissions reduction targets.However,in the current economic development,due to limited capital supply and information asymmetry,Chinese enterprises are generally faced with the dilemma of "expensive and difficult financing" in the process of operation.Therefore,enterprises are faced with the dilemma of how to relieve the financing constraint through the way or way.Previous studies have shown that corporate information disclosure can effectively meet investors’ demand for incremental information other than corporate financial status and reduce information asymmetry to a certain extent.Combined with China’s goal of "carbon peak,carbon neutral",this paper takes eight high-carbon emission enterprises as an example to investigate whether their carbon information disclosure can alleviate financing constraints,while analysts focus on whether this effect can be strengthened.After reviewing domestic and foreign literatures,this paper,based on relevant theories,selects 693 samples of high-carbon industries in China from 2015 to 2019 as research objects,and empirically tests the impact of carbon information disclosure on financing constraints,as well as the possible moderating effect of analysts’ concerns on the relationship between them.At the same time,also distinguish from the property right nature,financial transparency to do further analysis.The results show that the carbon information disclosure of listed companies can significantly alleviate their financing constraints;Analysts are concerned that as the information link of the whole market,it can effectively improve the speed of information dissemination in the market and to some extent enhance the mitigating effect of carbon information disclosure on financing constraints by enterprises.Moreover,such moderating effect is different in property rights and financial transparency.At last,the paper puts forward some policy suggestions from three aspects of listed companies,government and investors.The research conclusions of this paper supplement the literature on the economic consequences of carbon information disclosure,and have some enlightenment significance for enterprises to improve the level of carbon information disclosure and understand the relationship between carbon information disclosure,analyst concern and financing constraints.