Research On The Impact Of The Quality Of Environmental Information Disclosure Of Key Pollutant Discharge Enterprises On Financing Costs

With the enhancement of the public’s awareness of environmental protection,the government has promulgated a lot of institutional policies on environmental protection,in order to strengthen the supervision of environmental information disclosure quality of listed companies,especially for key pollutant discharge units.Enterprises are faced with three external pressures: first,they should meet the requirements of the government’s environmental protection system,second,they should meet the environmental protection requirements of the public,and finally,they should reduce the environmental risks of stakeholders.At the same time,the development of enterprises must be supported by funds.The main financing methods of listed companies are equity financing and debt financing,and the lower financing cost corresponds to the high interest income.Under the environmental protection system,for banks,the environmental risk of enterprises is the standard of credit audit;for investors,it is the reference for investment decision-making;for stakeholders,it is the standard used to measure the environmental risk,and the quality of environmental information disclosure of enterprises greatly affects the financing cost of enterprises.Through the study of the relationship between the quality of environmental information disclosure and the financing cost of enterprises,to a certain extent,it is beneficial for key pollutant discharge units to improve the original disclosure ring model.At present,the research on the impact of the quality of environmental information disclosure on financing cost mainly focuses on the impact of equity financing cost,or the impact of debt financing cost,while the research on the difference between the two effects is relatively small.Based on this,this paper selects A-share key pollutant discharge units in Shanghai stock market as the sample to study the impact of environmental information disclosure quality of key pollutant discharge units on the cost of equity financing and debt financing,as well as the difference between the two financing costs.First of all,it summarizes the research background,points out the significance of the research,introduces the research purpose,ideas,research content and research methods;secondly,it introduces the related basic theories,as well as the previous literature,which paves the way for the research of this paper to a certain extent;thirdly,based on the samples,it analyzes the environmental information disclosure quality ofkey pollutant discharge units in China Finally,according to the problems raised,the panel fixed effect model is established to analyze the impact of the quality of environmental information disclosure of key pollutant discharge units on the cost of equity financing,the impact of the quality of environmental information disclosure on the cost of debt financing,and the difference between the two.Considering that the environmental information disclosed by enterprises can be divided into monetary environmental information and non monetary environmental information,this paper studies the difference influence of monetary and non monetary environmental information on financing cost;considering the difference of equity nature of key pollutant discharge units in China,this paper studies the influence of environmental information disclosure of state-owned and non-state-owned key pollutant discharge units on equity financing cost and debt financing cost Finally,it analyzes the impact of environmental information disclosure factors on financing cost and the impact of environmental information disclosure quality on financing cost.The results show that:(1)the quality of environmental information disclosure of key pollutant discharge units in China is not high,whether in the whole key pollutant discharge units or in different industries,the quality of environmental information disclosure is not high as a whole.(2)The quality of environmental information disclosure is negatively related to the cost of equity financing and debt financing.(3)The results show that the impact of equity financing cost on the quality of environmental information disclosure is greater than that of debt financing cost.(4)Both the cost of equity financing and the cost of debt financing are influenced by monetary environment information.(5)For state-owned and non-state-owned enterprises of different natures,whether equity financing cost or debt financing cost,their impact on environmental information,non-state-owned enterprises are higher than state-owned enterprises.(6)The analysis of the impact of environmental information disclosure factors on financing cost shows that environmental protection investment,research and development of energy conservation and emission reduction,construction and operation of environmental protection facilities,waste treatment and utilization have a great impact on financing cost;according to the analysis of the impact of environmental information disclosure quality on financing cost factors,among the factors affecting equity financing cost,environmental information The quality of information disclosure has a significant impact on the turnover rateat the level of 1%,on the asset liability ratio,return on net assets,book to market ratio,and equity concentration at the level of 5%;among the factors affecting the debt financing cost,the quality of environmental information disclosure has a significant impact on the debt financing term at the level of 1%,on the asset liability ratio,return on net assets,and benchmark interest rate of loans at the level of 5% The effect is significant at the level of 10%.Finally,according to the theoretical demonstration and empirical analysis conclusion,the paper puts forward some relevant countermeasures and suggestions for the research content of this paper.