Research On The Impact Of Enterprise Environmental Information Disclosure On Financing Cost

In the face of increasingly severe environmental problems,it has become a longterm trend for China’s economic development to shift from high-speed growth to highquality development.The report of the 19 th National Congress of the Communist Party of China once again emphasized the need to promote green development,focus on solving prominent environmental problems,and establish and improve the economic system of green,low-carbon and circular development.The 14 th Five-Year Plan calls for promoting green development and continuously improving environmenttal quality.While some enterprises contribute to China’s economic construction,they also affect the development of the ecological environment.In order to realize green economy and maintain high-quality and sustainable development of economy,environmental supervision of enterprises must be strengthened.The Ministry of Ecology and Environment,the China Securities Regulatory Commission and other departments have continuously issued documents on enterprise environmental information disclosure,requiring enterprises to regulate environmental information discloure.And whether enterprises are willing to disclose environmental information ultimately depends on the financing cost.From the visual angles environment,explore the enterprise environmental information disclosure level can produce how to influence the cost of financing channels,mandatory and voluntary environmental disclosure of information for enterprise financing cost if there is a difference,the influence of clarifying these problems,to perfect the system of enterprise environmental information disclosure in our country,promote enterprise financing,development of green economy is of great significance.The research content of this paper is mainly divided into 7 chapters: Chapter 1introduction part,from the environmental protection situation,the regulatory environment information disclosure documents,corporate financing,such as the research background,clear about the enterprise environment information disclosure affect the cost of financing,the innovation is that the environmental information disclosure can be divided into mandatory and voluntary,respectively,to explore on bank loans,stocks,bonds,the influence of the three financing costs.Chapter 2 introduces the basic theory and determines the research topic by combing the domestic and foreign literatures on environmental information disclosure,that is,to explore the impact of corporate environmental information disclosure on bank loans,cost of issuing stocks and cost of issuing bonds.Chapter 3 analyzes the current situation of environmental information disclosure,bank loans,stock financing and bond financing of enterprises in heavy polluting industries.The financing scale of each enterprise increases year by year but its proportion shows a downward trend.Chapter 4 analyzes the impact of corporate environmental information disclosure on financing costs through different channels and puts forward relevant assumptions based on existing studies.Chapter 5 carries out research design by referring to the existing literature.By selecting the research samples and variables of each part,and determining the measurement method of core explanatory variables,the empirical model is constructed.In Chapter 6,based on the data of listed companies in A-share heavy polluting industries,the empirical findings are as follows: in the part of bank loan cost,the improvement of corporate environmental information disclosure will reduce the cost of bank loan.Compared with voluntary environmental information disclosure,mandatory environmental information disclosure is more signifycant.Compared with state-owned enterprises,environmental information disclosure of non-state-owned enterprises has a more significant impact on reducing the cost of bank loans.In the new green credit policy year,the impact of corporate environmental information disclosure on reducing bank loans is more significant.In terms of stock financing cost and bond financing cost,corporate environmental information disclosure will increase stock financing cost and bond financing cost,especially mandatory environmental information disclosure,but voluntary environmental information disclosure will not have an impact on both.Chapter 7 summarizes the research conclusions of the whole paper,and puts forward suggestions and prospects from three aspects of system,supervision and policy.