Study On The Relationship Between Environmental Information Disclosure And The Cost Of Debt Under The Background Of Green Credit Policy

Since the reform and opening-up,as economic growth accelerated,our country enters a high-incidence period of environmental pollution incidents.Enterprises as the main producer of environmental pollution problems,their environmental performance and environmental behavior become the focus of the government, creditors and the public.in order to effectively curb the environmental pollution behavior of enterprises,widely implement the idea of sustainable development and guide enterprises to consciously enhance environmental awareness, government departments formulate a series of policies and regulations about environmental protection, especially the green credit policy that issued in 2007 and 2012,makes environmental protection, bank credit and corporate finance closely linked and sets off a wave of corporate environmental information disclosure.Green credit policy makes the enterprise environmental performance become the important factor that affects enterprises' external financing.Correspondingly,corporate environmental information disclosure also becomes an important basis for evaluating the credit risk of banks.Whether the green credit policy guides banks to focus on enterprise environmental performance and Whether corporate environmental information disclosure affect the cost of debt become a problem which is worthy of attention and exploration.According to the stakeholder theory, sustainable development theory,asymmetric information theory,signal transmission theory and principal-agent theory,this paper studies the mechanism of environmental information disclosure affecting the cost of debt in-depth and analyzes the present situation of environmental information disclosure.finally,using the listed companies of heavy polluted industries in Shanghai and Shenzhen Stock Market from 2010 to 2014 as samples,this paper tests the relationship between environmental information disclosure and the cost of debt considering green credit policy and its implementation effect.On this basis,this paper classifies environmental information disclosure as the monetary and non-monetary environment information by nature.a further study has been taken to test green credit policy and its implementation effect on the relationship between classification of environmental information disclosure and the cost of debt.The results show that environmental information can significantly reduce the cost of debt,and the promulgation and enforcement of green credit policy play an important role in that environmental information disclosure reduce the cost of debt,But compared to the non-monetary environmental information disclosure, the impact of green credit policy and its enforcement on relationship between monetary environmental information disclosure and the cost of debt is more significant.According to the empirical results and related analysis,this paper supplies some suggestions for the government,enterprises and commercial banks.First,government should strengthen government regulation and supervision and improve environmental information disclosure mechanism;Second,enterprises should strengthen their internal environmental management system and improve the level of environmental information disclosure;Last,banks should improve construction of the green credit system and establish environmental credit audit mechanism.