Empirical Research On The Impact Of Environmental Infor Mation Disclosure On Debt Financing

From the first industrial revolution to today's industrial 4.0,the speed of the development of modern science and technology in the form of explosive growth,global social and economic progress accelerated constantly,which is associated with natural environmental degradation problems become increasingly serious,our living environment was unprecedented destruction.Since the beginning of the new century,governments,non-governmental organizations and enterprises have increased their importance to environmental issues.Enterprise as a result of optimal allocation of economic resources,reduce social resource allocation mechanism of transaction cost,as an important part of micro economy in promoting economic construction,political construction,cultural construction,social construction and ecological civilization construction in the overall arrangements for the "five one" has the unshirkable responsibility.With the increasing importance of environmental issues in China,the disclosure of environmental information is playing an increasingly important role in influencing investors' investment decisions.Under this background,this paper selects the representative coal industry as the research object in the heavy pollution industry.First of all,reference a large number of related literature at home and abroad,in the aspect of theory of environmental information disclosure and debt financing related concepts,theory,system and policy background,the influence factors were analyzed,and explore the enterprise environmental information disclosure level rather than debt financing ability of inner link,and then make assumptions.Second,in Shanghai and Shenzhen a-share market listed coal industry enterprises as the research sample,through the analysis of the financial data of 2012-2016,and the environmental information disclosure of data from 2011 to 2015,using correlation analysis and multiple linear regression,statistical methods is analyzed,and from the Angle of macroscopic and microscopic,to the government and society in terms of strengthening legislation supervision and coal industry enterprises in improving their level of information disclosure aspects put forward policy Suggestions.In this paper,through the study found that the coal enterprise loan financing scale and proportion of long-term loans accounted for the total amount of borrowing and the environment was significantly positively related to the level of information disclosure and the environmental information disclosure level is higher,the coal enterprise debt financing ability,the more long-term loan proportion is larger;However,the borrowing costs are significantly negatively correlated with the level of environmental information disclosure,i.e.the higher the level of environmental information disclosure,the lower the cost of debt financing for coal enterprises.This paper not only provides the coal enterprise environmental information disclosure of the impact of debt financing empirically based on,at the same time to deepen understand the current status of environmental information disclosure of listed enterprises,improve the system of environmental accounting information disclosure,and strengthen the understanding of green credit policy and promote the improvement of environmental information disclosure of listed companies and safeguard the legitimate rights and interests of enterprises and creditors and their stakeholders to provide certain reference and has good practical significance.