Research On The Relationship Among Corporate Governance, Environmental Information Disclosure And Debt Financing

Since the reform and opening up, China’s GDP has been growing rapidly, the economy has developed rapidly, and the heavy polluting industries have made great contribution to the economic growth, but also caused serious damage to the ecological environment. Environmental problems have become major issues related to China’s economic development and people’s livelihood. In order to urge and encourage heavy polluting enterprises to save energy and reduce consumption, in 2007, the former State Environmental Protection Administration, the people’s Bank of China, the banking three departments jointly issued the green credit policy, the new credit policy the first environment-friendly enterprises into the important condition of the credit approval,credit financing from containment heavily polluting industries blind expansion, urge enterprises to consciously take the initiative to the disclosure of the environmental information. Because of our country’s environmental information disclosure regulations are not perfect, only rely on external supervision is not enough to enable enterprises to take the initiative to disclose the quality of environmental information. As the internal mechanism and effective corporate governance can provide security for disclosure of environmental information, making enterprises in the sector to actively perform their duties, in the external legal system is not perfect, from the internal constraint mechanism ensure disclosure of environmental information timely, complete and reliable.Therefore,in the context of the green credit policy, the relationship between the environmental information disclosures, corporate debt financing and corporate governance has great theoretical and practical significance.This article selects 2012-2014 Shanghai and Shenzhen two heavy pollution industry A shares of listing Corporation as a sample, to study the correlation of environmental information disclosure, debt financing and corporate governance. In this paper, through the analysis of macro economic development and policy background, review the domestic and foreign scholars on environmental information disclosure research, and combing the company governance, debt financing related theory found the starting pointof the research, and put forward the hypothesis. In the process of empirical research, with reference to China’s Ministry of environmental protection issued in 2010 the listed companies’ environmental information disclosure guidelines require heavy polluting industries listed companies should disclose environmental information, combined with China Listed Companies’ environmental information disclosure of the status, through content analysis method to establish the EDI environment information disclosure index system, of listed company’s annual report, social responsibility report, environmental reporting environmental information manually collecting and scoring, it is concluded that the environmental information disclosure index. Then the sample descriptive statistics,correlation and multiple regression analysis, the study found that:(1) In terms of corporate governance, corporate governance has a significant positive impact on environmental information disclosure.(2) In debt financing, a significant negative correlation between the level of environmental information disclosure and the cost of debt financing is positively correlated with the rate of debt financing.(3) Good corporate governance can enhance the correlation between environmental information disclosure and debt financing. Finally, according to the empirical results, this paper suggests the listed companies to establish the perfect corporate governance structure and a modern enterprise system, the regulatory agencies to strengthen the environmental information disclosure of the construction of laws and regulations, set up the system of environmental audit, banks to increase credit link of environmental risk scrutiny, multi joint efforts,encourage enterprises to improve their environmental protection consciousness, voluntary disclosure environmental information of high quality, mutual benefit and win-win, realize the sustainable development.