基于产权性质视角的环境信息披露质量与融资约束研究——来自重污染企业的经验证据
Research on the Quality of Environmental Information Disclosure and Financing Constraints Based on the Perspective of Property Right Nature—Empirical Evidence from Heavily Polluting Enterprises

选取2016~2019年沪深A股重污染行业上市公司为研究样本，基于产权性质的视角，对环境信息披露质量与融资约束之间关系进行研究。结果表明，国有企业的环境信息披露质量更高，企业环境信息披露质量与其面临的融资约束水平呈负相关关系，且产权性质为国有企业能缓解融资约束程度。在此基础上得到启示，可以通过继续推进“绿色信贷”来提高民营企业的环境信息披露质量。为了更好地适应市场，企业，尤其是民营企业要负担起环境责任，通过提高环境信息披露质量降低企业的融资约束水平。此外，政府要完善环境信息披露体系，形成统一的环境信息披露标准。
The listed companies in the heavy pollution industry of Shanghai and Shenzhen A-shares in 2016~2019 were selected as the research sample, and the relationship between the quality of en-vironmental information disclosure and financing constraints was studied from the perspective of the nature of property rights. The results show that the quality of environmental information dis-closure of state-owned enterprises is higher, the quality of environmental information disclosure is negatively correlated with the level of financing constraints, and the state-owned enterprises can alleviate financing constraints. On this basis, it is enlightened that the environmental information disclosure quality of private enterprises can be improved by continuing to promote “green credit”. In order to better adapt to the market, enterprises, especially private enterprises, should assume environmental responsibilities and reduce the level of financing constraints by improving the envi-ronmental information disclosure quality. In addition, the government should improve the envi-ronmental information disclosure system and form a unified environmental information disclosure standard.