Study On The Influence Of Carbon Information Disclosure Level On Capital Cost

Global warming is a worldwide problem,and the reduction of carbon dioxide emissions has gradually become another indicator for countries to measure the level of economic growth.Our government,enterprises and academia are actively making efforts for the development of a low-carbon economy,and advocating green business concepts and focusing on sustainable development have become the focus at this stage.The development of low-carbon economy and the rise of carbon emissions trading have brought new opportunities for enterprises.By actively disclosing carbon information to the outside world,companies can communicate their positive attitudes to climate change and sustainable development signals to stakeholders such as shareholders and creditors.This has affected the decision-making of stakeholders to a certain extent,and will be reduced accordingly.The capital cost of the enterprise.So can the level of carbon information disclosure really affect the cost of equity capital and the cost of debt capital of an enterprise? Is there a difference in the impact of carbon disclosure levels on the two? What role does the nature of property rights play in it? These issues require further research in academia.Therefore,this article mainly discusses the relationship between the level of corporate carbon information disclosure and the cost of capital.Firstly,it combs the domestic and foreign literatures,defines the relevant concepts,and theoretically analyzes the impact of carbon information disclosure level on the cost of capital.Before empirical research,the current status and existing problems of China’s corporate carbon information disclosure level were analyzed.Based on the consideration of China’s national conditions and the status of carbon information disclosure level,the CDP project response and the disclosure of carbon information in the social responsibility report were selected to measure the enterprise Carbon disclosure level.Then,based on the sample of 90 high-carbon emission companies that listed A shares in 2015-2019 and publicly disclosed environmental information in the social responsibility report,a multiple regression model was established to empirically test the carbon disclosure level on the cost of equity and debt capital.Influence and difference,discussed the moderating role of property rights in the relationship between the two.The results of the study show that: China ’s high-carbon emission companies still have low levels of carbon information disclosure;carbon information disclosure levels can negatively affect the cost of equity capital and debt capital of companies;the impact of carbon information disclosure levels on debt capital costs is less than their impact on The impact of the cost of equity capital shows that shareholders are more concerned and dependent on the level of carbon information disclosure than creditors;the nature of property rights has an obvious linear adjustment effect on the relationship between the level of carbon information disclosure and the cost of debt capital.Based on the above conclusions,this article makes recommendations from four aspects: government,regulatory authorities,enterprises and stakeholders.The results of this paper provide empirical evidence for improving the usefulness of carbon information disclosure,and can enhance the internal driving force for Chinese companies,especially high-carbon emission companies,to disclose carbon information.At the same time,the analysis of the difference between the level of carbon information disclosure on the cost of equity and debt capital,and the analysis of the linear adjustment of the nature ofproperty rights provide a certain reference for China to develop a carbon information disclosure system,and also make reasonable use of the carbon information disclosed by companies The decision-making provides references and suggestions and further promotes the development of China’s low-carbon economy.