Environmental Information Disclosure, Corporate Credit Level and Asset Transfer Strategy: Based on the Data of Beijing-Tianjin-Hebei Listed Companies

Abstract

Beijing-Tianjin-Hebei region is an area where the conflict on resource environment and development most acute. Based on the panel data of listed companies in 2010-2019, this paper constructs a panel model on strategic identification degree, which reveals the development strategy of enterprises and the degree of strategic transformation. The results show that environmental and credit policies in this region have been focused on protecting and supporting business-oriented enterprises. The listed company converts monetary funds and some business assets into financial assets through the items available on the balance sheet, which hinders the development strategy of promoting independent innovation in Beijing, Tianjin and Hebei. We hope that the government should pay more attention to the problem of illegal use of funds in enterprises, and take the necessary regulatory measures to correct the tendency of misallocation of assets. At the same time, the environmental protection department and commercial banks will coordinate and work together to promote the independent innovation and business development of enterprises.