Carbon Information Disclosure,Senior Executives’ Personal Characteristics And Corporate Financing Constraints

With the rapid development of the global economy,the ecological environment has also suffered unprecedented pressure.Carbon emissions lead to the aggravation of environmental degradation.While threatening human health,human development must put the consideration of ecological environmental issues on the agenda.At present,the carbon information disclosure of most enterprises in China is voluntary and has not formed a relatively standard disclosure system,laws and regulations.As the main body of carbon emissions,enterprises have arduous responsibilities in the process of realizing "double carbon".The public disclosure of corporate carbon information can actively promote the advanced low-carbon and environment-friendly green ideas to the outside world,fully display its excellent image in the practice of energy conservation and emission reduction,and will have a certain impact on the decision-making of investors,and promote enterprises to achieve carbon emission reduction goals.In the process of realizing long-term development,enterprises inevitably need to carry out financing activities.Due to limited capital supply and poor information,the actual operation of domestic enterprises is generally faced with the financing problems of "expensive financing" and "difficult financing".Previous studies have shown that investors need to know more about the financial information of enterprises and also need more information than the financial information of enterprises.The carbon information disclosure of enterprises can further meet the investors’ incremental information needs and reduce the information gap between enterprises.According to the current goal of "carbon neutral" and "carbon peak" in China,this paper takes the listed companies in Shanghai and Shenzhen A-share market from 2016 to 2020 as an example to conduct a specific study on whether carbon information disclosure can alleviate financing constraints and whether the personal characteristics of senior executives can adjust this effect.From the perspective of branding theory,information asymmetry theory,principal-agent theory,signal transmission theory and stakeholder theory,this paper selects companies listed in A-share market from 2016 to 2020,starts with the age of senior executives,overseas background,financial experience and other indicators,and uses the content analysis scoring method to obtain the corporate carbon information disclosure index(CDI index),It also analyzes and explores the impact of corporate carbon information disclosure on financing constraints and the relationship between executives’ personal characteristics.The main content of this article is:First,the carbon information disclosure of enterprises can effectively alleviate their financing constraints;Second,the basic conditions remain unchanged,and the age of senior executives can alleviate the relationship between CDI and financing constraints;Third,the basic conditions remain unchanged,and the company’s senior executives have overseas backgrounds.The company’s carbon information disclosure can effectively alleviate its financing constraints;Fourth,the basic conditions remain unchanged.The senior executives of the enterprise have financial experience,and their carbon information disclosure can effectively alleviate financing constraints.This paper mainly attempts to innovate from two aspects: first,in terms of research content,this paper introduces the personal characteristics of senior executives,and provides reference evidence for enterprises to seize opportunities and appoint senior executives by studying the relationship between the three.Second,in terms of research objects,this paper is different from the previous literature on carbon information disclosure,which focuses on heavy pollution industries.The selected research objects are A-share listed enterprises from 2016 to 2020.It is more valuable for reference to study the carbon information disclosure of enterprises in the context of carbon neutrality.In addition,in combination with the Measures for the Administration of Legal Disclosure of Enterprise Environmental Information,this paper refines the CDI measurement criteria and enriches the relevant content of the current CDI evaluation system.