An Empirical Study On The Relationship Between The Quality Of Environmental Information Disclosure And R & D Investment

With the rapid development of economy,various ecological and environmental problems have been highlighted,and people’s attention to environmental issues has also been pushed to a new height in history.No longer can we trade the sacrifice of environment for high-speed economic development,and we have reached a consensus in the current situation that is plagued by environmental pollution.In the process of production,enterprises will exploit natural resources and discharge a lot of waste water and exhaust gas.While pursuing the maximization of their own interests,a large number of negative externalities are generated.To monitor the impact of enterprises on the environment,we need to establish a perfect environmental information disclosure system.The rapid development of China’s economy in the past few decades mainly depends on the obvious population advantage and low-cost natural resources.However,with the rising of labor cost and land cost,the comparative advantage of labor resources and natural resources is gradually disappearing.The mode of economic benefits and technological progress can not be achieved by taking orders from developed countries for a long time.Therefore,China’s economic development is actively changing the mode,focusing on the accumulation and breakthrough of core technology.Taking some of the Chinese A-share companies as samples from 2015-2018,this paper uses the data manually sorted and run Ling global database and guotai’an database.The quality of environmental information disclosure has two ways to influence R & D Investment: one is financing constraint.Alleviating the financing constraints of enterprises,and more funds are invested in R & D activities after the release of the constraints;the other way is environmental protection investment.The higher the investment in environmental protection,the more inclined to disclose the efforts of the enterprises for environmental protection,the higher the quality of environmental information disclosure.If the intensity of environmental regulation is low,due to the limited internal resources of the enterprise,the increase of environmental protection investment squeeze out a part of R & D investment,the enterprise will be forced to invest funds in the research and development of green technology.The positive intermediary effect of financing constraint path is greater than that of environmental protection investment path.