环境信息披露、机构投资者对融资约束影响的研究

Research on the Impact of Environmental Information Disclosure and Institutional Investors on Financing Constraints

摘要: 使用2012~2021年沪深两市A股上市公司数据，检验了公司环境信息披露与融资约束之间的关系。结果表明：环境信息披露与融资约束呈显著负相关，企业高质量地披露环保信息能够有效降低融资约束程度。进一步分析发现：机构投资者作为调节变量，通过发挥信息治理与监督治理的职能，加强了环境信息披露与融资约束的负向关系。

Abstract: Taking advantage of data from A-share public enterprises in stock markets of Shanghai and Shenzhen from 2012 to 2021, this research inquiries into how environmental information disclosure affects financing constraints of public firms. The results indicate that high quality disclosure of environmental information can availably mitigate financing constraints by enterprises. Further analysis reveals that institutional investors, as moderating variables, strengthen the relationship which is adverse and fierce mentioned above by leveraging the dual effects of information governance and supervisory governance.