Corporate Environmental Disclosure and Financing Constraints
- 管理学院－已发表论文 
本文利用2009-2013年中国污染行业所有上市公司数据,检验了公司披露环保信息对融资约束的作用。结果发现:公司提高环保信息披露水平可以显著降低公司面临的融资约束;进一步分析发现,这种作用在公司财务透明度低的情况下更显著,表明环保信息披露对财务信息披露具有补充作用。在考虑遗漏变量问题、变换环保披露水平和融资约束测度方式、采用工具变量和差分GMM方法估计等不同角度分析后,结论仍稳健。本文为分析"社会政治理论"与"经济披露理论"之间的争论提供了证据,丰富了公司非财务信息披露领域的文献。Discovering and understanding the economic consequences of the disclosure of corporate environmental information can help government make appropriate environmental policies. Using data of all Chinese listed firms in polluting industries from 2009 to 2013, this paper examines the impact of corporate environmental disclosure on financing constraints. We find that corporate environmental disclosure is asso- ciated with lower financing constraints. Furthermore, the relationship is stronger for firms with less financial transparency, implying that corporate environmental disclosure plays a complementary role in financial dis- closure. These results are robust against various measurements for corporate environmental disclosure and financing constraints, as well as against the introduction of instrumental variables. We also employed the differential GMM dynamic panel model, and there is little change to the conclusions above. This paper sheds light on the theoretical dispute between economics disclosure theory and socio-political theory, and enriched the literature of non-financial disclosure.