An Empirical Study On The Impact Of The Quality Of Environmental Information Disclosure On The Financing Cost Of Green Bonds

Promoting the construction of ecological civilization in China and developing a green recycling economy require adequate financial support.As a new type of debt financing tool,green bonds can help broaden the financing channels of environmental protection companies and better meet the needs of green financing.The environmental characteristics of green bonds make them have higher requirements for disclosure of environmental information than ordinary bonds.According to information asymmetry theory and signal transmission theory,the quality of environmental information disclosure by green bond issuers will affect their financing costs,thus affecting the enthusiasm of enterprises for financing,and ultimately affecting the development of China’s green bond market.Therefore,it is of great practical value to study the impact of environmental information disclosure quality on the financing costs of green bonds.The study of this paper is divided into six parts.The first part puts forward the research background and significance,research ideas and methods of this paper,and summarizes the domestic and foreign scholars’ research on green bonds and on bond financing costs.On the basis of summarizing the financing order theory,information asymmetry theory and signal transmission theory,the second part analyzes the impact of environmental information disclosure quality on the green bond financing cost from the perspective of investors’ default risk and liquidity expectation of green bonds.The third part gives an overview of China’s green bond issuance from three aspects: issue subject and bond type,issue size,maturity and interest rate,credit rating and investment direction.In the fourth part,the content analysis method and the credit spread method are used to measure the environmental information quality and bond financing costs of the 131 sample green bonds selected.In the fifth part,the OLS regression model was used to analyze the impact of environmental disclosure on the financing costs of green bonds.It was concluded that the environmental disclosure quality of green bonds was negatively related to the financing costs.With the improvement of the disclosure quality of the environmental information of issuing companies,the issue was issued.The financing costs of green bonds will be significantly reduced.Based on the empirical conclusions,the sixth section proposes corresponding proposals for green bond issuers and regulatory agencies.