Environmental Information Disclosure,Analyst Tracking And Corporate Financing Constraints

After years of development,our country has made remarkable achievements in economic field.However,the continuous development of the economy has led to the destruction of the environment,which has triggered public thinking on sustainable development issues.The state has incorporated ecological progress into the Party Constitution and written it into the Constitution,and the construction of ecological civilization has received high public attention.As the main body of market economic activities,enterprises are the main producers and destroyers of environmental pollution,especially heavy polluting enterprises are responsible for environmental problems.Environmental information disclosure can not only provide a channel for the outside world to understand the performance of environmental responsibility,but also a significant way for enterprises to build a green image to the outside world,and provide an important reference for stakeholders to make decisions.At the same time,the country is still in the period of economic transition,the problem of information asymmetry is widespread,and the financing problem is still prominent,which seriously affects the healthy development of enterprises.So,this article explores the impact on environmental information disclosure and financing constraints in order to provide a certain guiding significance to alleviate the financing problems,ensuring the steady development of enterprises.Based on the research of domestic and foreign scholars,the paper puts forward research hypotheses based on information asymmetry theory,signal transmission theory,sustainable development theory and stakeholder theory,and selects the heavy pollution companies from2015 to 2019 used as samples,and stata is used for empirical testing.Finally,according to the special property right nature and enterprise scale,this paper further analyzes whether the effect is consistent at different property rights and the enterprises scale.The study found that:environmental information disclosure is significantly negatively correlated with the financing constraints of heavily polluting companies;Analyst tracking can promote the relationship between them;Compared with state-owned enterprises,the significant negative correlation between environmental information disclosure and financing constraints in non-state-owned enterprises;Compared with large-scale heavy polluting enterprises,the significant negative correlation between the two variables in the small-scale enterprises.This article effectively combines environmental information,analyst tracking and financing constraints,explores the area of financing,provides new ideas for alleviating financing problems and new way to promote the healthy development of enterprises while achieving environmental sustainability.