Study On The Relationship Between Environmental Information Disclosure,financing Constraints And Innovation Performance

The report of the Nineteenth National Congress clearly pointed out that it is necessary to actively build a "market-oriented green technology innovation system" and advocate both green and economic development.China’s economy is currently in the transition stage of high-speed development to high quality development,manufacturing and other high-carbon emission industries are still have an insufficient degree of scientific and technological innovation,How to use the "double carbon" goal to force enterprises to carry out green technology innovation and upgrading,to achieve high-quality economy and green sustainable development in parallel with the goal is particularly important.Therefore,it has become a new research topic for experts and scholars to study whether micro-enterprises can explore the potential economics of environmental information disclosure,while meeting the ecological demands of external stakeholders,so as to stimulate the innovation motivation of enterprises and improve innovation performance.This thesis takes the information asymmetry theory,the legitimacy theory and the "Porter hypothesis" theory as the theoretical basis of this thesis,and deeply studies the impact of environmental information disclosure on the innovation performance of enterprises and its mechanism of action.At the same time,this thesis also controls the qualitative variables of enterprise rights attribute and the region,and studies the heterogeneous impact of environmental information disclosure on innovation performance.By selecting 2012-2021China’s Shanghai and Shenzhen A-share listed manufacturing enterprises as the research sample,a total of 15,052 research samples of 2980 enterprises were finally selected.By using the analysis method of dynamic panel model regression,the relationship between environmental information disclosure,financing constraints and innovation performance is empirically tested,And the regulatory effect of green finance development is tested,and the robustness test is carried out in different ways.Empirical research shows that the level of corporate environmental information disclosure has a positive impact on the improvement of innovation performance,and financing constraints play a part of the intermediary effect between the two relationships.The development of green finance is positively regulating the mitigation effect of environmental information disclosure on financing constraints,and this promotion and adjustment effect is more obvious among enterprises with strong financing constraints.Compared with non-state-owned enterprises,the degree to which the environmental information disclosed by state-owned enterprises can alleviate financing constraints will be stronger,and the incentive effect on technological innovation of enterprises will be more significant.Some of the intermediary effects exerted by financing constraints exist only in the sample of enterprises in the eastern region,and the transmission path of "environmental information disclosure-financing constraints-innovation performance" has not yet been established in the central and western regions.Finally,based on the empirical results,suggestions were put forward to improve the construction of the legal system for environmental information disclosure,improve the environmental information disclosure mechanism,strengthen the environmental information disclosure of enterprises,and improve the incentive and constraint mechanism for environmental information disclosure.