| With the deepening of the industrialization process,the problems of environmental pollution and energy crisis in my country have become increasingly prominent,and a series of environmental risk events have occurred frequently,which not only threatens the safety of people’s lives and properties,but also hinders the sustainable and highquality development of the economy.Whether it is from the perspective of protecting people’s livelihood,safeguarding the legitimate interests of investors,or reducing the pressure of government environmental supervision,efficient identification and pricing of environmental legal risks,strengthening corporate environmental information disclosure,and strengthening the government’s environmental supervision responsibilities have become a new trend.The key to effective environmental protection law enforcement in the era has also become an urgent need for the green transformation of the economy in the new era.Government departments use the official website to publish the list of enterprises that violate environmental laws and regulations,release relevant information on environmental protection responsibilities,and objectively and completely disclose the various behaviors of enterprises in fulfilling environmental responsibilities.Participating in the right to know the supervision of the construction of "Beautiful China" has far-reaching significance for improving the effectiveness of environmental protection law enforcement by environmental authorities.In 2017,the report of the 19 th National Congress of the Communist Party of China emphasized the importance of environmental information disclosure and the establishment of a complete system of mandatory disclosure of environmental information,in order to lay the foundation for the modernization of environmental governance in my country.Compared with China,developed countries represented by the United States developed earlier in industrialization,so their practical research on economic development,industrial construction and environmental protection is relatively early,and they have established a relatively complete set of environmental information disclosure.system and its supporting legislative system.At the same time,under the mandatory constraints of laws and regulations and the targeted guidance of policies,companies in the United States,Japan and other countries have gradually formed a certain degree of self-discipline and cultivated a good habit of actively disclosing environmental information,which not only greatly improves the National environmental governance efficiency,but also significantly reduce the cost of government environmental supervision.From the early development model at the expense of the environment,to comprehensively strengthening the construction of ecological civilization,and then to high-quality economic development,in the entire development process,the country’s understanding of environmental pollution and environmental governance has been deepening.However,due to environmental protection law enforcement It started late and the mandatory environmental information disclosure system is not perfect,so there are many problems in environmental information disclosure.In order to answer the above questions,this paper selects listed companies and bond-issuing companies from 2013 to 2018 as samples.First,based on the relevant data on environmental administrative penalties issued by enterprises on the IPE(IPE)environmental data platform,the data disclosed on the official websites of local governments are combined.The environmental law enforcement data information is used as a supplement to construct the enterprise’s environmental legal risk metrics.Secondly,the enterprise bond transaction data and enterprise credit rating data in the WIND database are obtained by matching,and the measurement index of the direct financing situation of the enterprise is constructed.Thirdly,through crawling the corporate bank credit announcements published by www.cninfo.com.cn,using the text recognition method to obtain the corporate bank credit data one by one,and supplementing the corporate loan data information disclosed by the Guotai’an database(CSMAR),the construction of the enterprise measure of indirect financing.Finally,using multiple regression analysis to explore the impact and mechanism of environmental protection law enforcement represented by environmental administrative penalties on corporate direct financing,corporate credit rating,corporate indirect financing and corporate financing preferences,and found that environmental regulation information disclosure has an impact on corporate financing behavior.There are indeed many impacts,and through a series of more detailed studies,by examining the impact of key factors such as pollution level,concern level,economic pressure,employment pressure,location factor,enterprise nature,and funding source on environmental law enforcement’s economic leverage,This paper explores the effect of environmental protection law enforcement in coordination with the supply-side overcapacity reform policy,and then puts forward targeted countermeasures and suggestions from the perspective of improving the environmental protection law enforcement information disclosure system.The main content and research conclusions of this paper are as follows.By analyzing the existing literature to frame the research scope,design a research framework to construct a theoretical model,collect and organize data to test the theory,this paper basically realizes the established research plan and basically answers the established research questions.The main research conclusions are as follows:First,in the existing literature on environmental regulation,although there have been studies trying to analyze the impact of corporate environmental compliance information self-disclosure on the capital market,there is no research to analyze the effect of the mandatory disclosure of corporate environmental violation information on the bond default spread..After research,this paper finds that after enterprises are subject to environmental administrative penalties,environmental administrative penalties increase the risk of bond default.Enterprises belonging to heavily polluting industries have a higher risk of bond default when they are subject to environmental administrative penalties.At the same time,after the central government conducts environmental protection inspections,the risk of bond defaults increases even more when enterprises are subject to environmental administrative penalties.The media pay more attention to the companies and the analysts pay more attention to the companies,the environmental performance is better,the information asymmetry is lower,the bond price has partially reflected the environmental risks of the companies,and the bond default risk increases less when they are subject to environmental administrative penalties.Therefore,it can be seen that the capital market has become an important endogenous adjustment mechanism to promote the supply-side structural reform.It is related to the construction of a resource-saving and environment-friendly industrial system.It is necessary to guide the bond market to reasonably identify and price companies around the default spread index.environmental legal risks,and urge all parties involved in the bond market to strictly fulfill their environmental obligations and environmental responsibilities.Second,existing studies have mainly found that the corporate credit rating scores issued by different rating agencies are differentiated,but no studies have analyzed the response strategies and incentives of different rating agencies based on exogenous event shocks.After research and this paper,it is found that after the enterprise is subject to environmental administrative punishment,the investor-paid rating agency will downgrade the corporate credit rating and strengthen the follow-up rating tracking.Issuer-paid rating agencies will be differentiated.After a company is subject to environmental administrative penalties,issuer-paid rating agencies may downgrade the corporate credit rating,or may choose to maintain the corporate credit rating.In the follow-up,bond-issuing companies choose more issuer-paid rating agencies that maintain corporate credit ratings,and fewer choose issuer-paid rating agencies that downgrade corporate credit ratings.The feedback path of “rating choice” shows that there is a two-way interest relationship between the bond issuer and the issuer’s paid rating agency.Therefore,for the capital market,it is necessary to strengthen the market rating supervision of investor-paid rating agencies,and at the same time,strengthen the joint and several default liability punishment of issuer-paid rating agencies.It is necessary to establish corporate environmental credit rating files based on the existing corporate credit rating system,introducing mandatory disclosure requirements for environmental risks to make up for the deficiencies of traditional ratings based on financial information.Third,there have been studies trying to analyze the behavior patterns of different commercial banks,but there is no study to analyze the impact of environmental protection law enforcement on corporate financing constraints based on micro-bank credit data.After research,this paper finds that after enterprises are subject to environmental administrative penalties,the amount of bank loans of enterprises decreases,and the environmental protection policy based on "eliminating outdated production capacity" has a similar effect as a tightening monetary policy;at the same time,the financial and taxation economic pressure makes environmental protection law enforcement play a role in bank credit financing.The influence shows regional differences,and the degree of government influence makes the allocation of credit resources of regional commercial banks such as city commercial banks and rural commercial banks to protect local economic interests.It can be seen that in actual operation,the differences in the interests of the central government and local governments are that the former pursues environmental benefits and pays more attention to the construction of ecological civilization at the macro level,while the latter emphasizes economic benefits and the stability of local economic development..The research results show that the environmental protection policy based on "elimination of backward production capacity" has a similar effect as the tightening monetary policy.At the same time,the green transformation of the economy requires not only the promotion of environmental regulation policies,but also the consideration of economic and people’s livelihood,and environmental protection law enforcement cannot be separated from bank credit.The cooperation and support of the two need to play a role together.Fourth,the existing research on financial disintermediation is mainly based on the theoretical level,focusing on the analysis of the forms,causes and consequences of financial disintermediation,and rarely objectively analyzes environmental policies from the perspective of empirical research,especially environmental law enforcement and corporate direct Indirect financing relationship.After research,it is found that after enterprises are subject to environmental administrative penalties,the proportion of corporate bond financing increases,and direct financing is more preferred than indirect financing.In addition,as social capital in the eastern region is more active in the financial market,state-owned enterprises are backed by commercial banks controlled by local governments and do not have to worry too much about the difficulty of obtaining loans.Large industrial enterprises have large-scale fixed assets as collateral and can A large number of low-interest medium and long-term loans have been raised from financial institutions such as banks.Therefore,enterprises located in the eastern region,enterprises belonging to state-owned enterprises and large-scale enterprises are more inclined to increase the proportion of direct financing after they are subject to environmental administrative penalties.more than rise.It can be seen that the so-called green economic transformation is mainly through the transformation of the traditional extensive development model and the establishment of a mode of production that is coordinated with the economy and the environment.Cooperation and coordination of different financial institutions.The key point is that different financial departments should balance the relationship between economic supply and demand,provide sufficient financial support for the orderly advancement of green infrastructure construction projects,improve the identification and pricing of corporate environmental legal risks,and then promote the rational allocation of financial resources in my country.Promote the construction of an ecologically civilized society.The innovation of this paper is mainly reflected in the research perspective and research data.(1)Research perspective innovation.At present,most of the current research on the economic consequences of government environmental protection law enforcement focuses on the evaluation of macro-environmental policy effects,and rarely links environmental protection law enforcement with direct financing,credit rating,indirect financing and financing preferences from the perspective of microenterprises.This paper attempts to use micro-enterprise data analysis.By studying the impact of environmental administrative penalties on corporate financing behavior,it is found that environmental legal risks represented by environmental administrative penalties have different effects on different financial sectors.Secondly,this paper takes into account the overall theoretical model analysis and empirical test analysis,and analyzes the economic leverage effect of environmental protection law enforcement from both theoretical and empirical dimensions.In the theoretical analysis,the environmental legal risk of the enterprise is regarded as the shock of exogenous information,which expands the application of the stakeholder theory and the information asymmetry theory in the field of environmental regulation.The influence of internal and external characteristics such as supervision,public attention,capital attention,financial and taxation economic pressure,government influence,location factors,enterprise nature and enterprise scale on the economic leverage of environmental protection law enforcement.(2)Research data innovation.First of all,this paper collects and sorts out the relevant data of environmental administrative penalties suffered by enterprises through web crawlers,and constructs the environmental legal risk metrics of enterprises.Secondly,match the corporate bond transaction data and corporate credit rating data in the WIND database,and construct a measure of corporate direct financing.Thirdly,through the web crawler to crawl the corporate bank credit announcements published by www.cninfo.com.cn,and use the text recognition method to obtain the corporate bank credit data one by one.Generally speaking,the above-mentioned micro-indices are rarely used in the existing literature construction.Therefore,this paper studies the impact of environmental administrative penalties on corporate financing behavior.The research conclusions provide empirical evidence for testing the stakeholder theory and information asymmetry theory.The coordination and cooperation between the government’s environmental protection law enforcement department and the government’s financial supervision department provides empirical results,which supplement the research results for promoting the rational identification and pricing of environmental legal risks by business entities and different financial institutions. |
