Research On The Impact Of Environmental Information Disclosure On Corporate Financing Constraints In Heavily Polluting Industries

In recent years,China’s economy has entered a new stage of development.The country has set the goal of low-carbon economic development,aiming to peak carbon emissions by 2035 and gradually reduce them thereafter.In the context of the development of sustainable concept,people’s awareness of environmental protection has gradually increased.Investors,governments and regulatory agencies and other stakeholders not only pay attention to the relevant financial indicators and other factors,but also consider the non-financial information into the evaluation system to comprehensively consider the sustainable development ability of enterprises when measuring the operating status and development prospects of enterprises.As an important part of non-financial information,corporate environmental information can not only supplement the part that financial information can not reveal,but also reflect the sustainable development ability of enterprises.The disclosure of corporate environmental information can ease the degree of information asymmetry between enterprises and external investors,transmit positive signals to the outside world,and help enterprises gain favor from investors and obtain external financial support.Corporate financing constraints have always been an important obstacle to enterprise operation and industrial structure optimization.Therefore,this paper,starting from financing constraints,studies the relationship between environmental information disclosure and corporate financing constraints,and further groups sample enterprises from the property rights nature and enterprise size to explore whether there are differences in the influence process among different types of enterprises.At the theoretical level,based on stakeholder theory,signal transmission theory,sustainable development theory,financing order theory and information asymmetry theory,this paper analyzes the relationship between corporate environmental information disclosure and corporate financing constraints,and from the empirical point of view,taking Chinese listed companies in highly polluting industries from 2011 to 2020 as samples for empirical research.Explore the impact of environmental information disclosure on corporate financing constraints.The research results show that: first,corporate environmental information disclosure can significantly alleviate corporate financing constraints,and the results are still significant after multiple robustness analysis.By actively disclosing environmental information,reducing the information asymmetry with the outside world and meeting the needs of stakeholders,enterprises can reduce the financial pressure and difficulties brought by financing constraints,improve the financing ability and promote the development of enterprises.Second,compared with non-state-owned enterprises,state-owned enterprises’ environmental information disclosure has a more significant impact on financing constraints.Compared with smaller enterprises,the effect of environmental information disclosure on alleviating financing constraints is more significant in larger enterprises.