Research On The Relationship Between Corporate Carbon Performance,Carbon Information Disclosure Quality And Financing Constraints

The continuous accumulation of greenhouse gases has caused serious climate problems,and countries around the world have advocated the control of greenhouse gas emissions and the development of a low-carbon economy to deal with the crisis of climate change.As a responsible major country,China has implemented a series of strategic measures to actively participate in global climate governance,and vigorously promoted the achievement of the goal of "carbon peak and carbon neutrality",so as to promote the green and low-carbon transformation of social and economic development.As an important force of economic development,enterprises not only promote economic growth,but also are the main source of carbon emissions.With the gradual implementation of policies and programs for the carbon peaking and carbon neutrality goals,enterprises will face a more stringent carbon control environment,which undoubtedly puts forward higher requirements for the carbon emission reduction efficiency and carbon management ability of enterprises.However,adopting carbon governance measures and disclosing carbon management information will inevitably occupy certain enterprise resources and generate additional cost burden,the awareness of energy conservation and emission reduction of domestic enterprises is not high,and the level and willingness to participate in low-carbon activities are generally low.The main reason is that most enterprises fail to correctly understand the social feedback and market return brought by fulfilling the responsibility of carbon control and reduction.This is not conducive to promoting the enthusiasm of enterprises to participate in carbon governance,but also not conducive to establishing the incentive mechanism of the capital market for enterprises’ low-carbon activities.Using Porter hypothesis,information asymmetry theory,voluntary disclosure theory and resource dependence theory,this paper selects A-share companies in heavy pollution industries in Shanghai and Shenzhen Stock Exchanges from 2016 to 2020 as the research object,empirically analyzes the relationship between carbon performance,carbon information disclosure quality and financing constraints,and explores the action path of carbon performance to alleviate financing constraints.Based on the carbon constraint environment,the heterogeneity analysis is carried out,and then the impact of carbon performance and carbon information disclosure on financing costs is further studied,so as to demonstrate the financing advantages and market returns brought to enterprises by actively fulfilling the responsibility of carbon control and emission reduction.The results of this paper show that: firstly,the better carbon performance of enterprises can effectively alleviate financing constraints,and the higher the quality of carbon information disclosure can help improve the financing constraints.Moreover,the carbon performance of enterprises is positively correlated with the quality of carbon information disclosure,and the quality of carbon information disclosure plays a significant intermediary role in the relationship between carbon performance and financing constraints;Secondly,for enterprises in regions with strict carbon constraints,low-carbon behavior can generate stronger market feedback,and the mitigation effect of carbon performance and carbon information disclosure quality on financial constraints is significantly strengthened;Finally,further research shows that good carbon performance and carbon information disclosure quality can also effectively reduce the debt financing cost and equity financing cost of enterprises,and the quality of carbon information disclosure also plays an intermediary role in the relationship between carbon performance and financing cost.This paper has a certain theoretical significance for enriching relevant research on carbon performance and carbon information disclosure,and also has practical significance and reference value for government departments to formulate and improve carbon regulatory system and enhance enterprises’ awareness of carbon emission reduction.