在社会zhuyi市场经济不断完善的背景下，融资成为越来越多的企业生存的重要手段， 因而融资约束问题也越来越被重视。能够影响这个问题的原因之一，是信息不对称，而企 业降低这一影响因素的有效手段就是进行环境信息的披露，从而降低资本成本。环境信息 披露一直是热会热议的焦点，对于重污染上市公司来说更是体现社会责任的重要信息。本 文将前人的研究成果总结归纳，并实证分析 339 家沪深两市重污染公司数据，把信息不对称作为基础，结合沪深两市 339 家重污染上市公司的企业社会责任报告以及年报等数据信 息，以 WW 作为衡量融资约束的指标，以手工打分的方式获取环境信息披露程度，来探讨环 境信息披露与融资约束之间的相互影响关系。80193

研究证实了环境信息披露与融资约束之间存在负相关关系，这有助于解决重污染上市 公司融资的问题，也可以帮助政策制定者补充和修改相关制度，使企业环境信息披露内容 更加充实规范，有效配置资源。

毕业论文关键词  环境信息披露  融资约束 重污染企业

Title Research on the relationship between corporate environmental

information disclosure and financing  constraints

  —Experience data from heavily polluting listing Corporation

Abstract

In the improvement of the socialist market economy， financing has become an important means for more and more enterprises to survive。 There are many factors that affect corporate financing constraints， which a very important factor is the information asymmetry， and reduce the information asymmetry is an effective means of is the enterprise environmental performance information disclosure， to reduce the cost of capital。 Environmental performance

information has been the focus of hot debate， the heavy pollution of listing Corporation is more important to reflect the important information of social responsibility。

In this paper， we learned from the past results，and use empirical analysis of heavy pollution listing Corporation data, combined with Shanghai and Shenzhen 339 heavy pollution of the listed  company  corporate  social  responsibility  report  and  annual  report  and  other        data

information， to WW as a measure of financing constraints， manual scoring of acquiring

environmental performance information disclosure level。 To study the relationship between environmental performance information disclosure and financial constraints。

Studies confirmed the is negatively related to the environmental information disclosure and financial constraints， which helps listed companies financing difficult problem to improve the heavy pollution， and for regulators to standardize and improve the system， improve corporate environmental information disclosure quality， reduce the information asymmetry， the effective allocation of resources。

Keywords Disclosure of information, Financing constraints, Heavily polluting enterprises

本 科 毕 业 论   文 第 I 页

目 次

1 绪论 1

1。1 研究的背景 1

1。2 研究意义 2

1。3 研究方法与框架 2

2