Research On The Impact Of Z Mining Enterprise’s Environmental Information Disclosure On Enterprise Debt Financing

Since 2007,the State Environmental Protection Administration issued the"Opinions on Implementing Environmental Protection Policies and Regulations to Prevent Credit Risks" in response to my country’s deteriorating ecological environment,and proposed the concept of "green credit" for the first time.By promoting cooperation between environmental protection and financial regulatory authorities,Use credit policies to guide enterprises in energy conservation and emission reduction.At the same time,financial institutions are required to distinguish between the pros and cons of the environmental protection of enterprises when issuing loans,adopt different credit policies for different enterprises,and reduce the increase in credit risk caused by the bankruptcy of polluting enterprises.Subsequently,the Fifth Plenary Session of the Eighteenth Central Committee of the Communist Party of China further regarded "green finance" as an important development concept in the "13th Five-Year Plan",emphasizing that financial institutions should incorporate potential risks related to environmental conditions into the loan evaluation process when conducting loans.Promote the green transformation of heavily polluting enterprises.However,the environmental information published by heavily polluting companies in the Shanghai and Shenzhen cities has problems such as less voluntary disclosure,a tendency to disclose beneficial information,and a small quantitative description.It is difficult for financial institutions to obtain or identify favorable environmental information,which can provide an adverse effect on corporate financing.This thesis is based on the above background,on the basis of the existing academic achievements,through field investigation and case analysis,with Z Mining Enterprise as the case object,it conducts research on the correlation path and influence degree of corporate environmental information and corporate financing.Sort out the influencing factors that may affect the disclosure of environmental information,and explore the internal mechanism of environmental information affecting corporate financing activities.First,analyze the environmental management and environmental information disclosure of Z Mining Enterprise.Secondly,based on the constructed environmental information disclosure evaluation system,combined with the financing situation of Z Mining Enterprise,the financing costs of various subsidiary projects of Z Mining Enterprise were compared through the horizontal and vertical dimensions,and the impact of environmental information disclosure on corporate financing was analyzed.Finally,it was found that enterprises have problems such as low quality of environmental information for small-scale projects,defects in large-scale project governance,and selective disclosure of environmental information.However,financial institutions tend to obtain more information disclosure on pollution prevention and control under the premise of meeting corporate environmental standards,rather than further improving energy conservation and emission reduction performance.Based on the above-identified problems and analysis results,the Enterprise should raise the awareness of environmental protection and information disclosure of the management,increase the research and development of recycling technology,and carry out key pollution prevention and control;financial institutions should pay attention to different environmental information and try Build a big data information platform to collect information that companies do not actively publish,and promote green and sustainable economic development.Conclusion founds that the environmental information disclosure of Z enterprise can reduce loan profit and extend the loan period,but the impact of energy conservation and emission reduction performance in environmental information is relatively small.Except for debt financing,the environmental information disclosure of Z Enterprise and its impact on equity financing are relatively small.