External Pressure, Carbon Information Disclosure And Financing Constraint

With the rapid development of global economy,the conflicts between social economy and ecological environment are becoming increasingly prominent,carbon information disclosure as the first step to reflect the enterprise to deal with climate change,is an important way of social public supervision enterprise carbon emissions benefit,under the goal of "double carbon",how to improve the initiative and enthusiasm of carbon information disclosure become now low carbon development in our country.At present,financing activities are still the most concerned link of enterprises,which controls whether the enterprise can expand the scale of operation and achieve the lifeblood of sustainable development.Financing constraint has become an important indicator of the degree of enterprise financing,which has important reference significance in the process of enterprise financing.How to effectively reduce the degree of external financing constraints on enterprises has been a hot topic in academic research.In the process of production and operation of enterprises,external pressure players represented by the government,media and creditors pay special attention to the quality of carbon information disclosure of enterprises.Their attitude reflected in the carbon information disclosure of enterprises can exert a certain impact on financing constraints.Will the government,as a representative of administrative organs,disclose poor carbon information to enterprises through its mandatory regulatory measures? As the "voice" of public supervision,the media represents the voice of the majority of information demanders.Will its special regulatory means have a certain impact on the financing constraints of enterprises? Creditors,as the direct and main role group of enterprises’ external financing,will make it more difficult to finance enterprises? Therefore,this thesis focuses on the influence of carbon information disclosure on financing constraints and the government,the media and creditors in the process,strengthen the carbon information disclosure and financing constraints research breadth,reveals the carbon information disclosure path of financing constraints,and effective use of carbon information disclosure to reduce constraints provide theoretical basis.Based on reading and analysis of a large number of literature,this thesis is based on the low carbon economic theory,stakeholders,legitimacy and information asymmetry theory,from the perspective of external pressure,government supervision,media supervision,2015-2018 data as samples,using literature research method,content analysis and empirical research method,dig the path of carbon information disclosure quality on financing constraint,further study the external pressure of carbon information disclosure quality and financing constraint effect.The results show that:(1)there is a significant negative relationship between carbon information disclosure level and corporate financing constraints.(2)Government supervision and media supervision play an intermediary role in the impact of carbon information disclosure level on the financing constraints of enterprises.(3)Creditors’ pressure plays a complete intermediary role in the impact of carbon information disclosure level on the financing constraints of enterprises.Finally,this thesis puts forward relevant suggestions from the government,enterprise level and public levels according to the functions of different subjects,so as to help enterprises to reduce financing constraints through the effective use of carbon information disclosure.