The Impact Of Environmental Information Disclosure Quality On Green Bond Financing Cost

Currently,environmental information disclosure of listed companies is still belong to voluntary behavior,however,with the degree of emphasis for environmental problems from potential investors and companies at home and abroad continuously increasing,ESG principle is becoming more and more important when helping investors making investment decisions.Domestic and foreign scholars' research shows that level of company's environmental information disclosure has certain relationship with bond financing cost,and Liquidity preference theory and risk premium theory has also confirmed the above fact.Environmental information disclosure as an important part of enterprise annual disclosure of information,with the pace of China's transmission to a low-carbon economy continuously accelerating,the enterprise environment protection policies and guidelines constantly favored by investors,play more and more important role in influencing investment decisions.On the basis of related research,this paper examines the environmental information disclosure type of different categories,respectively,the impact on the enterprise green bond financing cost,and from the perspective of bond liquidity and investor's risk forecasting examines the environmental information disclosure of the path by which influence enterprise green bond financing cost.First of all,based on the theoretical analysis of the enterprise environmental information disclosure and the concept of green bond financing cost,internal and external motives,the system background and mechanism of path analysis.According to the theory of investors' liquidity preference and risk premium theory,the path effect of the disclosure of enterprise environmental information on the cost of bond financing is analyzed theoretically.In the next place,based on the 302 pairs of green bond data collected from bond market of Shanghai and Shenzhen Stock Exchange as the research sample,according to the 2015 annual report data statistics and combining the research of scholars both at home and abroad,also and relevant theoretical support,using content analysis method to build environmental information disclosure index EDI,and use credit spread model estimated bond financing cost,and under the control of the enterprise's scale,debt-asset ratio and industry attributes as control variables,on the basis of the empirical analysis for researching the relationship between enterprise green bond financing cost and the level of environmental information disclosure.Finally,this paper made the discovery in the relationship between the above variables,furthermore,this paper also research on the path analysis between variables,using maturity as a bond liquidity measure;estimated yield as investor's expected risk,and in control of the bond credit rating and bond issuance,on the basis of test using a mediation effect,with bond liquidity and investor's expected risk as intervening variables.,respectively research from the perspective of the above intervening variables,in order to prove whether the environmental information disclosure is through the above two path to influence green bond financing cost.In the end,through the study of the paper,several findings can be found,the relationship between the level of the enterprise environmental information disclosure and green bond financing cost is negative,and mainly through influencing the bond liquidity and investor's expected risk to reduce the financing cost.