Research On The Correlation Between The Quality Of Enterprise Environmental Information Disclosure And Debt Financing

At present, the increasingly serious environmental problems caused the attention of the whole society, from the government to the social public, All involved in protecting the environmentactively. And as the main body of the economy and society,companies creating wealth for the society aswell as sacrificing the environmental resources, so they take responsibility for governing environment. But how to effectively curb the pollution of the environment behavior of enterprises, promote environmental protection, and guide the companies toenhance the awareness of environment protection, it’s essential for government to carry out the green credit to the end. The effect of the policy is becoming a hot spot among the government and the public. Therefore, based on the background of the green credit policy, We test the relationship between corporate environmental information disclosure quality anddebt financing empirically, in order to verify and the implementation of green credit in our country, as far as to further promote and perfect the environment information disclosure system,so we can provide policy recommendations.In this paper,We sample the companies of heavy polluting industry listed on the Stock Exchange of Shanghai during 2011 to 2013, summarizing domestic and foreign scholars’ study of the environmental information disclosure and mainly referencing the environmental information which China environmental information disclosure required, this paper established the index system of environmental information disclosure, which in the first place described the environmental information disclosure level of the sample companies from the two aspects of quality and quantity, and then investigated how the quality of the corporate environmental information disclosure affects the debt financing under different debt maturity,different ownership and different regional marketing development level by the method of multiple regression analysis,then the study found that:(1) The overall level of corporate environmental information disclosure of heavy pollution industry in China is low by and large, including three aspects problems:focusing on quantity exists, lacking of quality, more qualitative, less quantitative, reporting what is good while concealing what is unpleasant; (2) The debt financing ability will get stronger with the improvement of corporate environmental information disclosure quality; (3) Compared with long loan, the corporate environmental information disclosure quality has a more significant impact on short loan; (4) The environmental information disclosure quality of non-state-owned companies have a significant impact on the debt financing ability with the application of company property rights; (5) Combined with the differences of regional market development, the environmental information disclosure quality of the enterprise in higher marketing region can promote the debt financing of the companies better. Therefore, this paper proposed to improve the system of corporate environmental information disclosure, enhance the green credit incentive mechanism, increase the risk of a credit environment scrutiny. At the same time, strengthen companies’ internal management, urge to raise the level of corporate environmental information disclosure standards,in order to achieve green and sustainable development.