Legal Environment,Enterprise Environmental Management Control And Financing Constraints

Corporate financing is an important factor affecting corporate operation and development.However,the widespread existence of financing constraints has become an important factor restricting the development of Chinese enterprises.The existence of information asymmetry,principal-agent problems,and transaction costs in the market cause the cost of external capital of enterprises to be higher than the cost of internal capital,creating financing constraints.Corporate environmental management control can improve the level of environmental information disclosure,reduce the degree of information asymmetry,send positive signals to the outside,establish a good corporate image,and gain investor recognition.The legal environment can regulate market activities and reduce transaction costs.Based on this,this article discusses the relationship between the legal environment,environmental management control,and financing constraints,providing companies with a motivation for value creation to take the initiative in environmental management and control,and providing a new perspective for the government to further improve the legal environment.This article takes the Shanghai and Shenzhen A-share manufacturing listed companies in the ten years from 2010 to 2019 as the research sample,and uses management control theory,information asymmetry and principal-agent theory,corporate social responsibility theory,signaling theory,institutional theory and legitimacy Based on theory,it sorts out the related research results of corporate environmental management control,legal environment and financing constraints,defines the concept of corporate environmental management control,summarizes its constituent elements,and builds an evaluation index system for corporate environmental management control system based on the management control framework.Three issues are mainly studied through empirical research:one is the impact of corporate environmental management and control on financing constraints;the other is the impact of legal environment on financing constraints;the third is whether the legal environment has a moderating effect in the relationship between environmental management control and financing constraints.The following conclusions are drawn:corporate environmental management control is negatively correlated with financing constraints,that is,the better the corporate environmental management control,the smaller the intensity of the financial constraints that the company receives;the legal environment cannot directly alleviate corporate financing constraints,but the financing can be controlled through environmental management Constraints have an indirect impact,that is,the better the legal environment,the stronger the negative effects of environmental management control and financing constraints.Based on the research results,this article proposes views and suggestions on improving corporate environmental management and control and alleviating financing constraints from the government and corporate perspectives.From the perspective of the government,it is necessary to do a good job in the role of both a manager and a server.On the one hand,it should strengthen environmental law enforcement and supervision,urge enterprises to fulfill environmental responsibilities,and carry out environmental management and control;on the other hand,improve the legal environment and protect the market The regulations and orderly,stimulate market vitality.From the perspective of the enterprise,managers should be aware of the importance of incorporating environmental issues into the existing management and control system,and by improving environmental management control,reduce the degree of information asymmetry,improve corporate reputation,and ease financing constraints.