The Impact Of Financing Constraints On Corporate Environmental Performance:A Research Based On World Bank Corporate Survey Data

In my country’s national economic system,the secondary industry accounts for a relatively large part of the gross national product,but the rapid economic development also produces serious environmental pollution.The energy consumption and pollution emissions of enterprises in my country’s heavily polluting industries account for my country’s total pollution emissions.2/3 of this is one of the important reasons for the harsh ecological environment in our country.Companies need funds to control pollution and improve the environment.However,due to the imperfection of the capital market and the existence of information asymmetry,Chinese companies often face more serious financing problems.If companies face capital constraints,they will reduce pollution by operating and investing Will be restricted.Therefore,studying how the financing constraints of enterprises affect the environmental performance of enterprises is of practical significance for enterprises to improve environmental performance.Based on the theory of information asymmetry,this paper explains the causes of financing constraints,and analyzes the influence mechanism of financing constraints on environmental performance through stakeholder theory,voluntary disclosure theory and Porter hypothesis.When companies face financing difficulties,they will be subject to financial constraints.Lack of funds will cause companies to cancel those options that cannot bear the relevant costs,thereby restricting investment in emission reduction activities.Companies will be more inclined to sacrifice environmental protection in exchange for economic profits to gain support from stakeholders,leading to worse environmental performance..In the empirical part,this article uses the World Bank’s 2011-2013 Chinese corporate survey data as a sample to control corporate exports,corporate size,ownership,industry and region,and uses logit model regression to investigate the impact of financing constraints on corporate environmental performance.Research has found that smaller financing constraints will not have a negative impact on environmental performance.However,moderate and large financing constraints hinder the environmental performance of companies,and the greater the financing constraints,the more unfavorable it is for companies to improve their environmental performance.In addition,companies in different regions and industries have different environmental performance.Larger companies tend to have good environmental performance,eastern companies often have lower environmental performance,and midwestern companies have higher environmental performance.In response to the above research conclusions,the policy recommendations put forward in this article are as follows: First,promote direct financing and promote multi-level capital markets to eliminate financing barriers and reduce corporate financing costs;second,preferential policies to promote companies to improve environmental performance;third,Strengthen the research on the environmental performance evaluation system;Fourth,increase the environmental protection investment of enterprises and improve environmental protection awareness.