Research On The Impact Of Corporate Environmental Information Disclosure On China’s Green Credit

Against the background of a large gap in China’s green investment,the role of green credit is particularly important.As one of the key factors affecting green credit,corporate environmental information disclosure has important practical significance to study the impact of corporate environmental information disclosure on China’s green credit.From the perspective of the impact of corporate environmental information on green credit,this paper combs the development history and status quo of China’s green credit and corporate environmental information disclosure,theoretically combs the ways in which corporate environmental information affects green credit,and uses five listed companies as a case,comprehensively examine the impact of corporate environmental information on green credit in reality.The results of the study found that environmental information disclosure mainly relieves the information asymmetry between banks and enterprises by establishing corporate reputation advantages,forming separation equilibrium,and making up for insufficient collateral,which in turn has a positive impact on green credit.However,in actual situations,companies currently disclose There are still some deficiencies in the impact of environmental information on green credit,which makes the effect of environmental information in eliminating the problem of information asymmetry not well reflected.The main innovation of this article lies in: research method innovation.First,most of the current research on this type of issue uses the method of establishing a measurement model for analysis.The environmental information disclosed by the company is usually quantified using content analysis,but this often neglects the evaluation of the quality of the company’s environmental information,which will affect the accuracy of its measurement results.Second,for the current measurement model establishment,the selected explanatory variable is only the degree of corporate environmental information disclosure,and the control variable usually draws on accounting indicators such as corporate size and financial leverage in the traditional financing constraint model.This is obviously ignored.Environmental information disclosure and environmental characteristics shared by green credit.Therefore,this article uses the method of case analysis to study the issue,and manually sorts out and integrates the annual reports,official website data,environmental news,and social responsibility reports published by the case companies.Based on the analysis of the environmental categories disclosed,focus on analyzing the information quality of each category,and then summarize the true situation of the company’s environmental information disclosure during the entire listing cycle;innovation in research perspectives.Taking a comprehensive look at the research results of domestic and foreign scholars in this field,it can be found that the vast majority of scholars have studied the issue from the entire industry or national level,and have not specifically observed the disclosure of individual corporate environmental information,and cannot intuitively understand the corporate environment.The impact of information disclosure on green credit,this article uses a case analysis method,taking a single company as the analysis object,and specifically sorts out the impact of the company’s environmental information disclosure on green credit,and then analyzes the current corporate environmental information disclosure from a physical perspective.The extent of the impact of green credit and the existing problems.The case analysis found that although the current corporate environmental information disclosure has a positive impact on green credit,the impact is insufficient.The main reasons are as follows:First,companies lack long-term environmental protection plans.For banks,they are more concerned about the future actions of enterprises in the field of environmental protection and their long-term plans for energy conservation and emission reduction in the future.This has led to the fact that although there are a large number of companies that disclose environmental information at present,they cannot effectively alleviate the information asymmetry between banks and enterprises through environmental information,and cannot dispel commercial banks’ doubts about whether there will be default risks in the future.Therefore,the rational choice of commercial banks is to remain vigilant to enterprises,so that enterprises cannot well attract commercial banks to actively provide green credit support for them.Second,there are certain deviations in the motivation of enterprises to disclose environmental information.Since commercial banks usually pay attention to environmental information when making green credit decisions,only when the environmental information disclosed by the applicant company is consistent with what they are concerned about,the degree of information asymmetry between banks and enterprises may be weakened.However,for some enterprises in industries supported by national policies,the motivation for disclosing environmental information may not be to obtain green credit from commercial banks,but may be to meet policy conditions to obtain government subsidies.Therefore,when there are deviations in the motivation of enterprises to disclose environmental information,even if they disclose a certain amount of environmental information,it is likely that the information asymmetry between banks and enterprises cannot be eliminated,and the impact on green credit will be relatively small.Third,there are also deficiencies in the quality of environmental information.Most companies will choose to disclose some vague information or disclose as little environmental information as possible.Even for those companies with a strong sense of social responsibility,although these companies will quantitatively disclose the discharge of major pollutants generated in their production processes,there is often a lack of third-party information verification agencies to provide proof of the data they publish,which will make commercial banks doubt the data disclosed to a certain extent;on the other hand,the quantitative data published by enterprises are often disclosed after the company summarizes the data of the whole year,which will cause a certain lag effect in the data,and these environmental-related data are often very strong.The timeliness of these data will reduce the reliability of these data when they are used by commercial banks.Commercial banks cannot effectively analyze the environmental risks faced by enterprises,which may lead to misjudgments and increase the degree of information asymmetry between banks and enterprises.Fourth,the quantitative information disclosed by enterprises lacks certain data comparison benchmarks,and cannot directly reflect the efforts made by enterprises for environmental protection.Because commercial banks lack authoritative standards,they cannot accurately translate professional environmental information such as carbon dioxide emissions disclosed by companies into key indicators that guide green credit decision-making.Banks do not have great guiding significance when making credit decisions,so that although companies actively practice environmental information disclosure systems,they cannot effectively alleviate the financing constraints they face.The countermeasures and suggestions in this article can be summarized as follows:improve the current environmental information disclosure system,establish a unified and standardized carbon emission statistical accounting system as soon as possible;enhance the enthusiasm of financial institutions,especially commercial banks,to carry out green credit business,and improve business standards;the whole society’s awareness of participation in environmental information disclosure has formed an influential industry environmental information disclosure certification organization.