Debt Proportion,Corporate Governance And Environmental Information Disclosure

The accelerating economic development makes the problem of environmental degradation increasingly serious and the environment suffers unprecedented destruction.To solve the problem of environmental degradation,it is necessary to urge enterprises to disclose environmental information,reveal the status quo of environmental resource utilization and the treatment of pollution,which is more urgent in the context of frequent or even intensified environmental pollution.From a macro perspective,the state management economy needs to understand the environmental status of the whole society.After understanding the environmental information of each micro-subject,the government can add new environmental content to the traditional national economic accounting system and abandon the industries with higher energy consumption.Turn to a low-energy industrial model to further adjust the industrial structure.From the micro level,listed companies disclose their own pollution situation and governance effect is the performance of responsibility,can improve their reputation invisibly.Enterprises disclose environmental information that is not known to the outside world.On the one hand,they can exert external pressure on their own environmental pollution control.On the other hand,they can make the public understand the role of enterprises in the environment,truly realize the relaxation of information asymmetry and create a good shape.Because environmental information is very professional and can usually be hidden inside the enterprise,external people can only understand the implementation of environmental responsibility by the company's own disclosure of environmental information,so that the level of environmental information disclosure of each enterprise is improved for the government and the public.The dilemma of information inferior status is particularly important.Although the environmental information disclosure of enterprises is more inclined to voluntary information disclosure at present,the government is more and more concerned about guiding more enterprises to disclose environmental information and guiding each enterprise to disclose more environmental information.In the case of debt management,as the name suggests,companies need to borrow debts and put the borrowed funds into production and operation.For corporate governance,debt management can increase the company's revenue,increase the earnings per share level and increase the flexibility of the capital structure at a faster rate,but the financial risks and debt repayment risks are not to be underestimated.In this paper,the interaction between debt management and environmental information disclosure is studied from the overall perspective of creditor's rights,and some corporate governance variables are added to explore their influence on a deeper level.Previous studies focused on exploring the relationship between bank borrowings or corporate bonds and corporate environmental information disclosure level,but there are not many analyses from the perspective of the general creditor's rights,which makes this paper of certain innovation and research significance.The main content of this paper:part one,introduction.This part mainly describes the research background and significance,research objectives and contents,as well as innovation and structure arrangement.The second part is literature review.This part mainly reviews the following aspects of literature,namely,environmental information disclosure,liability management and environmental information disclosure,liability management and corporate governance,corporate governance and environmental information disclosure,and summarizes the previous research of scholars.The third part is theoretical basis and hypothesis.This part describes some classical theories and major concepts,and discusses the relationship between stakeholder theory,rational economic man hypothesis,signal transmission and other theories and research themes,and based on this,puts forward the hypothesis of this paper.The fourth part is model design.In this part,the measurement method of key variables is introduced and a model is designed according to the hypothesis of this paper.Finally,the sample screening process is described in detail.The fifth part is empirical analysis.This part mainly focuses on descriptive statistical analysis and correlation analysis,carries out regression analysis on selected sample data,and finally carries out robustness test to confirm the conclusions of this paper.Part six,summary of conclusions and policy proposals.This part summarizes the conclusions obtained from empirical analysis and puts forward immature policy opinions.As for urging enterprises to constantly improve their environmental information disclosure level,the following proposals are made in this paper:first,improve the environmental protection policy and the mandatory environmental information disclosure legal system,with the assistance of market measures;second,we should continue to advocate "green finance" and "green credit" to guide creditors to play an active role.Thirdly,improve the consciousness of environmental information disclosure of listed companies and set up corporate governance structure efficiently.