绿色信贷如何影响企业环境信息披露——基于重污染行业上市企业的实证检验

How Does Green Credit Affect Corporate Environmental Information Disclosure?Evidence Based on Heavily Polluting Enterprises in China

在生态文明建设背景下,环境信息披露是防治污染的有效手段,如何提升企业环境信息披露水平是值得深思的议题。基于以上认识,本文分析了绿色信贷影响企业环境信息披露的作用机理,并据此提出影响效应传导渠道与异质性特征的相关假说,进而选取中国重污染行业上市企业微观数据,对绿色信贷如何影响企业信息披露进行了实证检验。绿色信贷能够显著促使企业环境信息披露的结论在经过一系列稳健性检验后依旧成立。影响机制检验表明,绿色信贷主要通过融资约束和环境绩效渠道对企业环境信息披露产生影响。本文还印证了企业所有制性质、媒体压力以及区域制度环境等因素能够有效调节绿色信贷对企业环境信息披露影响效应的事实。本文的研究结论丰富了相关领域的研究,也为政府监管部门和企业提升防治污染能力提供了有益借鉴。

Environmental information disclosure is an effective channel for enterprises to control pollution.This paper summarizes the mechanism of green credit in improving the level of environmental information disclosure,based on the data of listed companies in heavy pollution industries in China,the paper studied the relationship between green credit and environmental information disclosure.The results show green credit can improve the level of environmental information disclosure significantly.Further,the mechanism test shows that financial constraints and environmental performance are the effective channels through which green credit can promote environmental information disclosure.Finally,this paper also finds that the relationship is significantly affected by the factors such as enterprise ownership,institutional environment and media pressure.The conclusions of this study can enrich the related literature and help to provides relevant basis for enterprises and government to enhance the ability of pollution control.