Research On The Impact Of Environmental Information Disclosure Quality On China’s Green Bond Financing Efficiency

China regards the construction of ecological civilization as an important part of the 13 th Five-Year Plan.In order to implement the concept of green development and form a new pattern of harmonious development of people and nature in modernization construction,we must guide and encourage social resources to invest in green industries through markets and systems.As an important part of the green financial system,green bonds are a direct debt financing tool with lower financing costs than green credit.The particularity of the green bond fundraising direction requires it to fully disclose the environmental information about the target project and the issuing company.Because the participants in the green bond market are more sensitive to the quality of environmental information disclosure than other bond markets,the level of EDI will have an impact on their financing costs and operating risks,which will affect the financing efficiency of green bonds and corporate development..Therefore,it is of great significance to study the impact of environmental information disclosure quality on green bond financing efficiency.First,this article describes the domestic and foreign research progress of environmental information disclosure and green bond financing efficiency,and analyzes the theoretical definition,theoretical basis,policy basis and impact transmission path from the theoretical level;secondly,this paper analyzes the four years between 2016 and 2019 A comparative analysis of the domestic green bond market development profile,a preliminary exploration of the debt factors and issuer characteristics of green bonds;again,using the content analysis method and the two-stage network DEA model,the environmental information of the selected 146 samples of green bonds Evaluate the quality of disclosure and the financing efficiency of green bonds,and divide them into environmental information disclosure quality derived from debt issuance documents and environmental information disclosure quality not derived from debt issuance documents.To provide a quantitative basis for empirical research;Finally,the Tobit regression model is used to make an empirical analysis of the impact of green bond environmental information disclosure quality on financing efficiency,and combined with the relevant conclusions of this study,the green bond issuer and regulatory agencies are put forward corresponding recommendations.Based on the above research framework,the research conclusions are as follows:A comparative analysis of the green bond market found that China ’s green bonds have grown rapidly in four years,characterized by lower interest rates,longer maturities,and higher ratings,but third-party green certification has not improved.Through the evaluation and analysis of the quality of environmental information disclosure and the efficiency of green bond financing,it is found that the quality of environmental information disclosure is divided from the source of debt issuance documents and non-debt issuance documents from the carrier.The performance of indicators is related to the type of company;the stage of financing efficiency is divided into financing efficiency and allocation efficiency.The performance of the former is related to the macro environment,and the performance of the latter is related to the operation of the enterprise.Through empirical research,it is found that the quality of environmental information disclosure has a significant positive effect on the overall financing efficiency of green bonds,but the quality of environmental information disclosure from different sources has different effects on the efficiency of green bonds at different stages.