Nature Of Property Right?Environment Information Disclosure And Financing Constraints

Due to the late start of China's capital market,strict conditions for equity financing and refinancing,and imperfect credit mechanism,the external financing constraints of our country's enterprises are widespread,and the level of information disclosure has become an important factor in relieving corporate financing constraints.Environmental information as an important part of enterprises information disclosure,studying its impact on the financing constraints is relatively small.The dissertation examines the impact of environmental information disclosure on financing constraints and the differences in the relationship between the two under different industry nature in the context of the low level of corporate environmental information disclosure and the types of industries in China's manufacturing listed companies.In addition,on the basis of that the state-owned and non-state-owned enterprises have significantly different levels of financing constraints,this paper attempts to examine whether disclosure of environmental information plays an intermediary role in the impact of the nature of property rights on corporate financing constraints,and thus a more comprehensive understanding of the mechanism of the nature of property rights on financing constraints.After reviewing the related literature on financing constraints,property rights,and environmental information disclosure,the thesis theoretically analyzes the relationship between the three and proposes relevant research hypotheses based on soft budget constraint theory,stakeholder theory,information asymmetry theory and signal transmission theory,and Selecting 18 categories of A-share manufacturing industry in 2012-2015 as the research sample,the independent sample T test method,multivariate regression model,probit model and group test method are adopted to study the relationship between property rights,environmental information disclosure and financing constraints.The study found that state-owned enterprises can significantly alleviate the financing constraints and improve the level of environmental information disclosure compared to non-state-owned enterprises.The higher level of environmental information disclosure,the more it can significantly mitigate the degree of external financing constraints of enterprises.Under the nature of different industries,there are significant differences in the relationship between environmental information disclosure and financing constraints.The disclosure of environmental information under non-heavy polluted enterprises can significantly reduce the level of enterprises financing constraints,while the relationship between heavy polluted enterprises has not passed the significant test.It has also been found that state-owned enterprises face a smaller degree of financial constraints than non-state-owned enterprises.Therefore,the nature of property rights of state-owned enterprises can improve environmental information disclosure level then alleviate the level for the company's financing constraints,that is,environmental information disclosure has plays an intermediary role.The possible innovations of this paper are as follows: Firstly,the research conclusions of the dissertation have enriched the motivation literature of environmental information disclosure to some extent;secondly,based on the theory of information asymmetry and signal transmission,the impact of disclosure of environmental information disclosure on financing constraints and the enrichment of its economic consequences have been studied.Finally,it provides empirical evidence support for the mediating role of environmental information disclosure in alleviating corporate financing constraints,and also provides a basis for studying the economic consequences of different environmental information disclosure types.