Mining Environmental Information Disclosure On Cost Of Debt

"Green credit","green finance" and other green policy,shows that the government pays attention to environmental issues continuously,which drives the creditors attach more importance to the environmental problems when they're making investment decisions of heavily polluting industries,especially mining industry.As one of the most important content of 13 th Five-Year Plan,Green mining asks green transformation of traditional industries,which directly affect both sides of the debt markets.On one side,debtors will disclose environmental information to deliver good signals of company environmental situation;on the other side,the creditors will also improve their requirement of environmental information disclosure.So,what's the current situation of mining environmental information disclosure? What are the problems existed in mining environmental information disclosure?Will the mining environmental information disclosure affect the cost of debt required by creditors directly? What is the influence mechanism?First of all,through analyzing the current situation and changing trend of environmental information disclosure of listed companies in mining industry from2009 to 2015,this research sums up some characteristics: there is an upward trend in the overall level of mining environmental information disclosure,and their major disclosure manner is annual report.This research also finds out many problems existed in mining environmental disclosure comparing with developed countries:(1)overall environmental information disclosure level of listed companies in mining industry is low,voluntary disclosure is fewer;(2)listed companies in mining industry attach greater importance to internal environmental information disclosure than the external;(3)listed companies in mining industry tend to disclose favorable environmental information and avoid adverse environmental information,which causes authenticity of the disclosure is questionable;(4)listed companies in mining industry usually disclose environmental information by qualitative description which are short of detail,quantitative description is not much,analyses combined with qualitative description and quantitative description are fewest;(5)environmental information disclosure of mining industry characteristics is rare.Secondly,through empirical study,this paper verify the influence of mining environmental information disclosure on cost of debt,the result shows that environmental information disclosure level became higher,the cost of debt will be higher.This abnormal result due to problems existed in miningenvironmental information disclosure,which cause the creditors cannot recognize the environmental risk according to environmental information disclosure published by the debtors.Finally,based on the above theoretical analysis and empirical research,this paper propound some suggestions from both the debtors and the creditors in mining debt market,which aims to bring a positive influence of mining environmental information disclosure on cost of debt and achieve the goal of the virtuous circle which is economic-ecological-economic.