Marketization Process, Debt Financing, And The Quality Of Environmental Information Disclosure

At present, the whole society energetically advocates low carbon economy andsustainable development, and takes energy conservation and emissions reductionmeasures. How to restrain environmental pollution behavior of enterprises effectively,urge enterprises to strengthen environmental protection consciously, and discloseenvironmental information become one of the main task of the government’s work.Taking advantage of bank loans to urge enterprises to disclose environmentalinformation is a measure which is taken to promote environmental information publicby the government. The effect of the policy becomes a hot point of the governmentand the public. Therefore, the research on debt financing and the level ofenvironmental information disclosure has practical significance, and it not only cantest the implementation of the policy, but also can provide empirical evidence for theimprovement of policy.To improve the reliability of research results, this paper distinguishes the degreeof marketization of listed companies areas to research the correlation between debtfinancing and the level of environmental information disclosure in different levels ofmarketization, aiming at exploring whether current policy to be implementedeffectively. Firstly, this paper reviews the research status at home and abroad, pointsout shortcomings in current study, and puts forward research emphasis and researchtrain of thought on the basis of summarizing the predecessors’ research. Secondly, thispaper states the theory motivation of environmental information disclosure based onsustainable development theory, external economy theory, information asymmetrytheory. Finally, the paper builds evaluation system of the level of environmentalinformation disclosure, takes the listed companies in petrochemical and plastic industry in2010-2012as samples, and adopts the method of multiple linear regressionto analyze the difference of correlation between debt financing and environmentalinformation disclosure level in different marketization process areas.The study finds that the overall level of environmental information disclosure ofpetrochemical and plastic industry in China is uneven, and disclosure content is lackof standardization and unity; regional marketization level is not balanced; debtfinancing, bank loan proportion, and long loan proportion are positively related to thelevel of environmental information disclosure, and the correlation in highmarket-oriented region is more significant than that in low market-oriented region;commercial credit proportion in low market-oriented region is more obvious than thatin high market-oriented region，but the correlation is not obvious in the full sample;short-term loan proportion is not related with the level of environmental informationdisclosure. Therefore, the paper advises promoting preparation for environmentalinformation report vigorously, speeding up construction of marketization process ofunderdeveloped regions, narrowing the difference of regional marketization level,continuing to implement the policy of using credit to promote environmentalinformation disclosure to supervise the enterprise to disclose environmentalinformation voluntarily, to improve the consciousness of environmental protection.