A Study On The Influence Of Corporate Environmental Information Disclosure On Financing Constraints

With the rapid development of Chinese economy,the environment which people rely on is worsening,environmental pollution is going to be frequent incidents,making harms to the human health,hinder the sustainable development of society.Enterprises as the important part of social-economic,to create economic wealth with the huge expense of environmental resources,enterprises are duty-bound for governance environment,its environmental performance accountability act has become the focus of public concern.Environmental information disclosure is the main channel for enterprise to public environmental information,also the important way to evaluate their environment contributions for stakeholder.With the increase in public awareness of environmental protection,enterprises' quality of disclosure of environmental information needs to be improved.However,the environmental information disclosure quality of China's current situation is not good,improve the quality of environmental information disclosure has become enterprises,market and Government's major problems to resolve,so study on the economic consequences of environmental information disclosure of listed companies becomes very meaningful.Financing is one of the most important economic activities of the enterprise,due to the imperfect capital markets,financing constraints are considered to be the key issue which enterprise needed to overcome the effects of its investment decisions and value realization.Therefore,from the point of financial constraints,this page validated that environmental information disclosure eases financing constraints,broaden the economic consequences of environmental information disclosure,with a view to promoting proactive disclosure quality of environmental information,and provide empirical evidence to improve the relevant policy.Firstly,the article described the background,purpose and significance of the research,introduce the research contents and methods of this paper.Summarizing and evaluating the literature at home and abroad about environmental information disclosure and financing constraints.Then introducing the essential conceptions of environmental information disclosure and financing constraints,including relevance systems of our country.Illustrating the cause of financing constraints based on the information asymmetry.According to the idea of stakeholders,signal transmission,pecking order and efficient markets,the article illustrated influence mechanism of environmental information disclosure which acting on equity trading constraints,proposing that we can via reducing the cost of capital,enhancing reputation and giving financing supervision privilege to relieving the extent of equity trading constraints.In the empirical study,we had descriptive statistics on the environmental disclosure of public companies(2012-2014)in heavy pollution industry of Shanghai A shares with content analysis.Then we tested the relationship between the disclosure of environment information and financing constraints according to Almeida Cash-Cash Flow Sensitivity Model.The results showed low level but rising trend of the environmental disclosure in the industry.Environmental disclosure effectively has a positive impact on easing financing constraints.Finally,we hope to bring forward policy suggestions from perspectives of public companies,investors and government regulators.