Analysis On Credit Characteristics And Credit Factors Of Environmentally Disturbed Enterprises In China

At the strategic height of General Assembly President Xi Jinping's 18 th CPC National Congress put forward a series of new ideas,new ideas and new conclusions on the construction of ecological civilization from the strategic height of the five-in-one overall arrangement of the cause of socialism with Chinese characteristics.Corporate environmental dishonesty,corporate environmental credit evaluation and the development of green finance academic research and social practice continue to be everyone attention.Among them,the problem of business dishonesty has been pushed to the cusp of academic research and public opinions.The research on environmental dishonesty can serve as the basis for the government to promote environmental credit evaluation.This article starts with the problem of the environment de-identification of the A-share listed companies in China,and uses the public credit information platform as the data source for the research questions.From three aspects of theoretical analysis,credit characteristic analysis and empirical research,this paper studies the credit influencing factors of environmental dishonesty enterprises.The theoretical part mainly elaborates from the aspects of enterprise environment dishonesty,environmental credit evaluation and credit management,and describes the theory and principle of environmental untrustworthiness and the influence mechanism of related variables.Based on the literature and theoretical analysis,this paper summarizes the basic characteristics of 330 environmentally-indebted enterprises and compares them with 225 reference groups for environmental trustworthiness,summarizes the six major credit characteristics of environmentally-indebted enterprises,and puts forward the impact of the degree of enterprise environmental distrust The two major assumptions.Empirical part In view of the level of degeneration of environmental variables level of trait,the use of ordered three-class Logistic regression research methods.Firstly,the descriptive statistical analysis of the enterprises of environmental bad faith was made.Based on the "Measures of Enterprise Environmental Credit Rating" issued by environmental protection department and the index system of independent variables for researching the credit influence factors of environmental dishonesty based on the comparative analysis,induction and summary of this paper,.Finally,SPSS19.0 software is used to empirically study the factors that affect the creditworthiness of enterprises in environmental dishonesty.An ordered three-category Logistic regression model is established and the effectiveness of the model in predicting the degree of business disruption is also tested.The results of the analysis of the credit characteristics of enterprises with environmental dishonesty show that there is a clear difference in the industry distribution and regional differences between enterprises with environmental dishonesty and that enterprises in manufacturing,mining and construction industries have a higher probability of environmental dishonesty.Sub-sector analysis,found that chemical raw materials,pharmaceutical industry and non-metallic mineral products manufacturing industry is the most vulnerable to dishonesty in the three major industries.From the perspective of regional differences,enterprises in economically developed regions have a greater number of environmental dishonesty,while those in economically underdeveloped regions have a greater probability of environmental dishonesty.By analyzing the size and ownership of the companies,it is found that the smaller the company Or enterprises with state-owned backgrounds are more likely to experience environmental dishonesty.Through the analysis of the characteristics of commercial credit and environmental management system certification,it is found that the enterprises that have good commercial credit or passed the environmental management system certification have the probability of environmental deception Will be lowerThe empirical results show that the seven indicators of technological innovation investment,environmental information disclosure initiative,environmental management system certification,commercial credit,stock ownership,company size and industry have significant impact on the degree of enterprise environmental dishonesty,and have no significant effect on the level of regional development.From the perspective of the transformation of the economic structure of enterprises,the estimated coefficient of "industry = 1" is 1.731,and that of "industry = 2" is 2.013,with significant levels of less than 0.05.This means that enterprises in the manufacturing and mining industries in their possession will significantly raise the level of environmental dishonesty.When the enterprise investment in technological innovation = 1 or 2,that is,enterprises that invest less than 5% in technological innovation,the degree of environmental dishonesty will be significantly increased.When the nature of firm equity = 0,state-owned enterprises will significantly increase the degree of environmental dishonesty.From the perspective of internal governance,the enthusiasm of enterprises for environmental information disclosure = 1 or 2,that is,enterprises with relatively positive environmental information disclosure,the degree of environmental dishonesty will be significantly reduced.And when "environmental management system certification = 1",that is,enterprises through the environmental management system certification,will significantly reduce the extent of corporate environmental dishonesty.The results of the company scale index show that when the total market capitalization of enterprises is below 40 billion,the degree of environmental dishonesty will be significantly reduced,which is the opposite of the result of credit characteristic analysis.When the enterprise business credit = 1 or 2,that is,business credit is better or better,it will significantly reduce the degree of environmental deception.Conclusion The above empirical results can be proposed that the transformation of the economic structure of enterprises and the strengthening of internal governance can effectively reduce the degree of corporate environmental dishonesty.The overall discriminant accuracy of the ordered three-category Logistic regression model is 74.0%,and there is no such thing as the misjudgment of the enterprises with severe environmental dishonesty as mild environmental dishonesty and the misjudgment of mild environmental dishonesty as severe environmental dishonesty To a large extent,improve the overall rationality of the model.Finally,according to the results of the theoretical and empirical research,this paper puts forward corresponding policy suggestions from the perspectives of government,enterprises and public information platform.Enterprises should strengthen their internal governance mechanisms to improve the frequency and quality of environmental information disclosure,which can reduce the information asymmetry between enterprises and the public.Focus on the cultivation of corporate culture,improve business credit while reducing its moral hazard in the environmental game.Increasing investment in scientific and technological innovation of enterprises is conducive to reducing the degree of corporate environmental distrust.The government should actively promote the establishment of an enterprise environmental information disclosure system,severely punish environmental dishonesty enterprises and give certain awards to the environment-friendly enterprises.By institutional constraints to reduce the asymmetry of corporate environmental information,reduce the number of negative externalities in the enterprise.The public information platform should strengthen exchanges with relevant government departments and the mass media,and convey the relevant information of environmentally-dishonest enterprises to the masses,which is conducive to promoting social supervision of enterprises' environmental protection issues and increasing public opinion pressure on enterprises that are losing their credibility to the environment.While enhancing the brand value of environment-friendly and trustworthy enterprises,the development of enterprises that are often included in the environmental protection blacklist can not be carried forward and forced them to upgrade their industries and strengthen the internal governance of the Company.