The Impact Of Environmental Information Disclosure On The Cost Of Equity Financing

Since the 21st century has been at the stage of high-speed development of economy in our country,rapidly enhance the quality of people’s economic life.But with relevant countries trajectory,behind the high-speed economic development at the expense of the environment suffered serious damage,so it is very urgent to strengthen the environmental protection.Heavy pollution enterprise is one of the largest impact on the environment,so the enterprise’s environmental behavior of heavy pollution industry will be more pressure.The public pressure faced by heavily polluted enterprises mainly comes from the requirement of government and society on the level of environmental information disclosure of enterprises.Environmental information disclosure is realized by environmental accounting.Another important aspect of environmental accounting is to study the relationship between environmental status and economy of enterprises.Therefore,based on social responsibility theory,sustainable development theory and stakeholder theory,this paper constructs a logical framework between public pressure-Environmental Information Disclosure-equity financing cost.Firstly,this paper reviews the literature on the public factors affecting environmental information disclosure and the relationship between environmental information disclosure and equity financing cost,and puts forward the hypothesis of this study on the basis of theoretical analysis of the relationship between relevant variables.This article is based on Shanghai and shenzhen two city of heavy pollution industry a-share listed companies as research samples,on the basis of the above theory,through the integrated use of STATA,SPSS analysis software,such as to put forward the assumption of empirical test,mainly through the study of the descriptive statistics of sample data analysis,correlation analysis and multiple linear regression analysis,empirically the public pressure and the quality of environmental information disclosure and the relationship between the equity financing cost.Mainly analyzes the public pressure to the environmental information disclosure level influence,and the influence of environmental information disclosure of equity financing cost,and as a moderator variable to public pressure,the empirical analysis of the adjustment between the two.The empirical results show that the public pressure,the greater the environmental information disclosure of the total level,financial level,the higher the level of non-financial;Environmental information disclosure level is higher,the lower the cost of equity financing is,at the same time,public pressure can significantly enhance the negative relationship between the two,and through the study found that public pressure to promote financial environment,the role of information correlation with equity financing cost is better than that of non-financial information environment.Finally,according to the results of the empirical test and the actual situation of our country,the corresponding suggestions are put forward:As the external stakeholders of enterprises,the government should perfect laws and regulations and build an evaluation system of environmental information disclosure level;Enterprise public pressure source of social public should develop their consciousness of environmental protection;Enterprises should establish a sound system of environmental management and environmental information disclosure system.