Environmental Accounting And Disclosure Of Information Rights And Interests Of Capital Costs Related To The Study

Environmental accounting information disclosure level managers and investors by reducing the information asymmetry between investors and asymmetric information to investors is expected to reduce risk and enhance the liquidity of shares, thus reducing the cost of equity capital. So, at this stage in our securities market, environmental accounting disclosure levels of listed companies help reduce the cost of equity capital, the extent to which lower the cost of equity capital? Different types of environmental accounting information disclosure on the cost of equity capital, the impact of the existence of different? These studies, arouse the initiative of listed companies to disclose information to improve the self-consciousness, to reduce financing costs for listed companies to increase shareholder value is of important significance.In this paper, multiple linear regression to examine China's environmental accounting information of listed companies to disclose the cost of equity capital. First, the use of foreign scholars of the application of the disclosure index to evaluate the level of disclosure of information, combined with the actual situation of China's listed companies has designed a package of financial and non-financial indicators of about 10 categories of information disclosure system of evaluation through the annual reports of listed companies to obtain the analysis Disclosure index; and then select appropriate methods of pre-GLS model (Ex-ante), under the concept of the rights and interests of capital costs, and environmental information disclosure index and the cost of equity capital for the reliability of the test; Finally, in Shenzhen and Shanghai stock market 123 Heavily polluting industries listed company in 2004 as an annual study to test China's listed companies to disclose comprehensive information on environmental levels, different types of environmental information disclosure on the cost of equity capital. The empirical results show that the overall level of disclosure of environmental information can be improved significantly reduce the cost of equity capital.