环境信息披露如何影响企业融资约束

——基于绿色创新与企业声誉的中介效应研究

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中图分类号：F273.1 文献标识码：A doi：10.3969/j.issn.1672-2272.202511048

Abstract：Against the backdrop of ecological civilization construction and the'dual carbon' goal guiding the green transformation of the economy，environmental information disclosure is increasingly becoming an important bridge for enterprises to communicate their environmental performance and secure development resources.This study selects A-share listed companies from 2O16 to 2O23 as the research subjects to empirically examine the relationship between environmental information disclosure and financing constraints. The results show that environmental information disclosure is significantly negatively correlated with corporate financing constraints，meaning it can effectively alleviate them. Environmental information disclosure can mitigate financing constraints by promoting corporate green innovation and enhancing corporate reputation. Executives with an environmental background can strengthen the negative effect of environmental information disclosure on corporate financing constraints. Comparatively，the allviating effect is main ly observed in state-owned and non-heavily polluting enterprises.Finally，the study makes the following recommendations： the government should refine the industry-specific environmental information disclosure system and establish disclosure standards；companies should actively assume environmental protection responsibilities，enhance environmental information disclosure，engage in green innovation，improve corporate reputation， and recruit executives with an environmental background. The research provides important references for companies to optimize disclosure practices and for regulatory authorities to improve systems，aiding the deep integration of green development strategies and high-quality economic growth.

Keywords：environmental information disclosure；financing constraints；green innovation；executive： with an environmental protection background

0 引言

党的二十大报告提出，“高质量发展是全面建设社会主义现代化国家的首要任务”。（剩余10802字）