Research On The Impact Of Environmental Information Disclosure On Bank Credit Decision

The development of enterprises can not be separated from capital support,and bank credit funds are an important source of external funds for enterprises.Under the background of global concern about human living environment,the influence of business operation on the environment and the management of environmental pollution of enterprises have become an important factor for heavily polluting enterprises to obtain bank credit funds.In the asymmetric financing market,the bank mainly analyzes the environmental information disclosed in the annual report and the social responsibility report to understand the relationship between the enterprise and the environment.Then,whether the bank credit decision-making will be affected by the quality of environmental information disclosure,and the effect of the "Green Credit Guide" issued by the state.Ben This paper attempts to explore these problems,find the relationship between bank credit decision and environmental information disclosure quality,and provide useful guidance for enterprise credit financing.In this paper,the listed companies in Shanghai and Shenzhen heavy pollution industry A-shares from 2009 to 2017 are taken as samples,and the environmental information disclosure coefficient is used as the indicator of environmental information disclosure quality,and the multivariate linear regression model is adopted.This paper empirically analyzes the relationship between the quality of environmental information disclosure of sample companies and the scale of bank borrowing and financing,the maturity structure of debt,and the cost of debt.It is found that the higher the quality of environmental information disclosure in heavily polluting listed companies,the larger the debt financing scale of bank borrowing,the more long-term bank borrowing available,and the lower the debt cost.It shows that it is helpful for enterprises to improve the quality of environmental information disclosure of listed companies in heavy pollution industry.Get morelong-term bank borrowing,effectively reduce the cost of debt.On this basis,based on the green credit guidelines issued in 2012 as the limit,2009-2012 as the comparative sample,2012-2017 as the experimental sample,through multiple linear regression analysis,It is found that the issuance of green credit guidelines can enhance the quality of environmental information disclosure and the positive correlation between the scale of corporate bank borrowing and the proportion of long-term loans.At the same time,it also enhances the negative correlation between the quality of environmental information disclosure and the cost of debt financing.It shows that the issuance of green credit guidelines in China has achieved a preliminary implementation effect.On the basis of the empirical conclusion,this paper puts forward the establishment of the enterprise internal environmental management system,the institutionalization of green credit,the standardization of environmental information disclosure content,and the strengthening of environmental education for employees,and so on.Provide environment-related advice for successful acquisition of bank credit funds for enterprises.