企业环保行为是中国企业，特别是污染型企业，实现高质量发展目标的重要手段。而环境信息披露作为企业信息重要的公开手段之一，受到越来越多的人重视，人们开始利用这一重要渠道了解企业环境污染和治理现状，且逐渐将其作为衡量投资与否的决断标准。中国政府高度重视环境保护与治理，在政策的指引下，呈现出自下而上关注环境保护的态势。2022年1月，生态环境部印发了《企业环境信息依法披露格式准则》，明确企业环境信息披露的规范，在内容和格式上对企业环境信息依法披露进行了详细的说明，并进一步地引导和支持企业依法披露环境信息。随着对环境信息披露关注程度的提高，许多先行企业自愿性披露。一些污染较重的企业往往面临着投资减少的局面，甚至出现融资约束。而融资约束是限制我国上市公司发展的重要因素。因此，有关环境信息披露和融资约束的探究对企业的发展起到了至关重要的作用。
本文选取2009-2020年中国A股上市公司作为研究样本，采用固定效应模型和两阶段最小二乘法环境信息披露对企业融资约束的影响。并基于上市公司政府监管和市场化进程这两项重要的外部压力变量，详细考察了在外部压力对企业环境信息披露与融资约束之间关系的调节作用。在此基础上，从宏微观的角度分别探讨了外部压力对环境信息披露与企业融资约束之间关系影响的异质性。研究结果表明，样本期内企业进行环境信息披露会缓解融资约束程度。然而，如果上市公司面临环境监管，这一缓解作用将会被削弱。相反，企业所在地市场化水平则会促进该缓解作用。在此基础上，本研究分别从企业（融资约束水平和产权性质）、行业（重污染行业）和城市（城市环境规制强度和低碳试点城市）这三个方面探讨了环境信息披露对融资约束缓解作用的异质性。结果表明，在政府监管的调节效应下，低融资约束水平企业和非国有企业的缓解作用会受到抑制。然而，考虑到市场化进程的调节效应时，低融资约束水平企业和国有企业的缓解作用将增强。类似的，政府监管也抑制了环境信息披露对非重污染行业的融资约束的影响，而市场化过程则强化了重污染行业环境信息披露对融资约束的负面影响。特别是在环境规制强度较低的地区和非低碳试点城市，政府监管的抑制作用和市场化进程的促进作用都会加剧。目前，我国应该鼓励企业承担起社会责任，并加大对环境信息的披露力度。同时，适当调节政府监管的激励作用，推动市场化进程，优化市场资源配置。本文丰富了环境信息披露经济后果的相关研究，为提高企业环境责任提供了有力的政策依据。

Corporate environmental behavior is one of the key points of Chinese corporate high-quality development, especially in polluting enterprises. More people begin to use the disclosure of corporate environmental information as an important channel to understand the current situation of corporate environmental pollution and treatment, and gradually take it as an important way to measure whether to invest or not. The Chinese government attaches great importance to environmental protection and governance. Under the guidance of policies, it shows a trend of paying attention to environmental protection from bottom to top. In January 2022, the Ministry of Ecology and Environment issued the Format Standards for Legally disclosed Environmental Information of Enterprises, requiring enterprises to further refine the contents of legally disclosed environmental information and guide and help enterprises to disclose environmental information. Environmental information disclosure has been paid more and more attention, and many leading companies have accepted voluntary disclosure. Some of the more polluting companies are often faced with reduced investment and even financing constraints. Financing constraint is an important factor restricting the development of listed companies in China. Therefore, the research about environmental information disclosure and financing constraints plays a crucial role in the development of enterprises. 
Chinese A-share listed companies from 2009 to 2020 are selected as research samples in this paper, and adopts the fixed effects model and two-stage least square method to study the impact of environmental information disclosure on corporate financing constraints. Based on two important external pressure variables, government regulation and marketization process of listed companies, the moderating effect of external pressure on the relationship between corporate environmental information disclosure and financing constraints is investigated in detail. On this basis, the heterogeneity of the influence of external pressure on the relationship between environmental information disclosure and corporate financing constraints is discussed from the macro and micro perspectives. The results show that the environmental information disclosure of enterprises in the sample period will alleviate the degree of financing constraints. However, if listed companies are subject to environmental regulation, this mitigation effect will be weakened. On the contrary, the market-oriented level of the location of the enterprise will promote the mitigation effect. On this basis, the heterogeneity is explored from three aspects: enterprise (financing constraint level and property right nature), industry (heavy pollution industry) and city (urban environmental regulation intensity and low-carbon pilot city). The results show that under the moderating effect of government regulation, the mitigation effect of enterprises with low financing constraint levels and non-state-owned enterprises will be inhibited. However, the mitigating effect of low financing constraint level firms and state-owned enterprises is enhanced when the moderating effect of the marketization process is considered. Similarly, government regulation also inhibits the impact of environmental information disclosure on financing constraints in non-heavy polluting industries, and the marketization process strengthens the negative impact of environmental information disclosure on financing constraints in heavy polluting industries. Especially in areas with low environmental regulation intensity and non-low-carbon pilot cities, the inhibitory effect of regulation and the market-oriented process will intensify. Therefore, enterprises should be encouraged to actively fulfill their social responsibilities and strengthen environmental information disclosure. At the same time, the incentive role of government regulation should be appropriately adjusted to promote the marketization process and optimize the allocation of market resources. This paper enriches the consequences of EDI in the capital market and provides a strong policy basis for improving corporate environmental responsibility.