The Impact Of Corporate Social Responsibility Information Disclosure On Debt Capital Cost Under Environmental Regulation

As the central leading group for inspection work and environmental protection inspection have increased the levels of local governments at various levels.The stringent new Environmental Protection Law,Food Safety Law and Company Law have been successively promulgated.Government and the public have a consensus that enterprises should undertake social responsibility and a direction of corporate sustainable development.Against this background,the corporate social responsibility is becoming a focus of academia research.Debt financing is one of the most important financing methods for Chinese enterprises.In recent years,under the influence of deleveraging and restructuring financial reforms,capital flows have slowed down,and corporate financing issues have become more important.Our society is actively seeking to reduce the cost of capital for enterprises in order to achieve efficient financing.Information has proven to be an important factor affecting the cost of capital.This article studies that the corporate social responsibility information disclosure how to influence the cost of debt capital,and provides theoretical support and empirical evidence to promote corporate social responsibility performance,optimize information disclosure,and reduce financing costs.Firstly,studied the disclosure of corporate social responsibility information and the level of disclosure how to affect the cost of debt capital.Based on the previous research,continue studying the regulating effect of the nature of corporate property and the willingness to disclose corporate social responsibility information in two different backgrounds of political and economic in China.Finally,explored the impact of environmental supervision policies on the relationship between the disclosure of strong environmentally sensitive corporate social responsibility information and the cost of debt capital,and further supplements the regulatory effect of the nature of property;This content is of great significance in both theoretical research and practice.Conclusion:（1）the disclosure of social responsibility information by companies can reduce the cost of debt capital and the higher the quality of disclosure,the more significant it is.（2）During the regionalization stage of environmental protection supervision,the nature of "state-owned" property negatively regulates the relationship between the two.But,in the comprehensive stage of environmental protection supervision,there are different impacts.（3）In the regionalization stage,the higher the quality of the company’s disclosure of social responsibility information in strictly required,the more it will help reduce the cost of debt capital,but in the comprehensive stage,"voluntary" disclosure of the company will be more significant.（4）The environmental protection inspection policy has increased the cost of debt capital for strongly environmentally sensitive companies that disclose social responsibility information,and the nature of property has no significant impact on the relationship.According to the empirical research conclusions,this paper believes that the government should improve relevant laws and regulations,achieve standardized governance,direct and encourage enterprises to disclose social responsibility information;enterprises should proactively disclose social responsibility information,and use responsibility leverage to leverage economic benefits,especially the strong environment Sensitive companies need both internal and external training to break the financing dilemma;External interests-investors establish a socially responsible investment concept,the media and public play a supervisory effect,and jointly promote the green and sustainable development of enterprises.