Research On The Relationship Between Corporate Environmental Information Disclosure And Financing Constraint

In the current world,environmental issues are profoundly affecting socio-economic development and countries around the world are placing increasing emphasis on protecting the environment.As major players in the capital market,enterprises have a responsibility to protect the environment in a way that is beneficial to their long-term development.From the perspective of financing constraints,due to the late start of China’s capital market and the absence of a strict and standardised credit regulation system,external financing constraints on enterprises are widespread and relatively high.Disclosure of environmental information by enterprises reduces the inequality of information between investors and investees in the capital market,making it easier for enterprises to gain legitimacy and a good reputation,and for investees to be more willing to finance enterprises that disclose environmental information on the basis of more information.Based on a review of relevant literature,this paper theoretically analyzes the relationship between corporate environmental information disclosure and financing constraints based on information asymmetry theory,signaling theory,legitimacy theory and external pressure theory,and puts forward relevant research hypotheses.The relationship between corporate environmental information disclosure and financing constraints was studied using descriptive statistics,correlation analysis and multiple regression models,and the influence of the nature of property rights and the nature of industry on the relationship was further investigated.The paper also selects government regulation,media monitoring and analysts’ attention as moderating variables to investigate how the three play a moderating role in the relationship between corporate environmental information disclosure and financing constraints.The results of the study show that(1)corporate environmental information disclosure will alleviate corporate financing constraints.(2)In state-owned enterprises,the mitigating effect of corporate environmental information disclosure on financing constraints is more obvious.(3)In heavily polluting industries,the mitigating effect of corporate environmental information disclosure on financing constraints is more obvious.(4)Government regulation,media supervision and analyst attention have all played a positive role in regulating the mitigating effect of environmental information disclosure on financing constraints.It not only enriches the study of corporate environmental information disclosure and financing constraints,but also analyses the regulation of the relationship between the two from the perspectives of government regulation,media supervision and analysts’ attention,expanding the research perspective and ideas,and has certain practical implications for motivating enterprises to actively disclose environmental information to the public,strengthening government regulation and regulating private supervision.