An Empirical Analysis Of The Impact Of Carbon Information Disclosure And Accounting Conservatism On Financing Constraints From The Perspective Of Property Heterogeneity

Carbon information disclosure is an important content to measure the business development level of enterprises and assist investors to make decisions.Under the background of supply-side structural reform,carbon information disclosure plays an important role in reducing the information asymmetry in the process of investment and financing and reducing enterprise financing constraints.The traditional investment and financing process focuses on the decision-making based on the accounting robustness of enterprises.Through the analysis and due diligence of the accounting performance of enterprises,appropriate financing constraints are formulated from the perspective of financial data.As carbon information disclosure gradually becomes the consideration condition of the accompanying financing constraint of the main body of investment and financing,the nature,mode and degree of the influence of carbon information disclosure and accounting conservatism on the financing constraint of enterprises have become important research topics,which plays a key role in China's reconstruction of the measurement system of investment and financing constraint.At the same time,in the stage of mixed ownership reform,it is particularly important to compare the impact of carbon information disclosure and accounting conservatism of listed companies with different ownership systems on the financing constraints of enterprises based on the particularity of China's enterprise property rights.In view of the above,this paper starts from the issues of carbon trading and carbon information disclosure,accounting conservatism and financing constraints,combined with environmental finance theory,principal-agent theory and other theoretical categories,annotates the status quo and influencing factors of carbon information disclosure of property rights heterogeneous subjects.On the basis of clarifying the status quo of carbon information disclosure of different property rights entities and the influencing factors and mechanisms of financing constraints in carbon accounting,this paper uses multiple regression analysis to clarify the impact of carbon information disclosure and accounting conservatism on financing constraints in different property rights enterprises.Starting from the aspects of reducing the financing differences of different property rights entities,improving the disclosure level of corporate carbon information,improving the accounting conservatism of business entities,and improving the constraints of carbon accounting on enterprise financing,this paper explores the ways to reduce the differences of financing constraints of enterprises with different property rights nature,so as to reduce the financial constraints.The financing cost of enterprises with potential and high social responsibility can achieve both economic and environmental benefits.