Research On The Relationship Between Legal System About Environmental Information Disclosure,environmental Information Disclosure Quality And Equity Financing Cost

With the development of “green development” and “beautiful China”,environmental issues have gradually received attention.Due to the external characteristics of environmental issues,the external supervision of the government is very necessary.In recent years,China's legal system related to environmental information disclosure has gradually improved,law enforcement has been continuously strengthened,and the external system pressure on enterprises has gradually increased.Under this background,has the quality of environmental information disclosure of enterprises been improved? In addition,based on the economic consequences of information disclosure,enterprises will consider the following questions.Can the disclosure of environmental information in the capital market play a role in alleviating the information asymmetry between the supply and demand sides of funds,thereby reducing the cost of equity financing? As an external policy factor,the environmental information disclosure system will not only affect the information disclosure behavior of enterprises,but also affect the investment behavior of investors.Will this institutional factor enhance the sensitivity of investors to environmental information and enhance the efficiency of information transmission? And then regulate the relationship between the quality of environmental information disclosure and the cost of equity financing?Taking the above three questions as the research context,the relationship between environmental information disclosure system,environmental information disclosure quality and equity financing cost is explored,and the social responsibility report is published in the main board market of Shanghai and Shenzhen stock markets in 2012-2017.The listed company is a sample,and the relationship between the three is verified,and the following conclusions are drawn: First,the legislative index and the law enforcement index of the environmental information disclosure system are positively related to the quality of environmental information disclosure,indicating that the environmental information disclosure is perfect.Legislation or strengthening law enforcement can promote the level of corporate environmental information disclosure.At the current stage,the impact of improving legislation is more significant.Secondly,the quality of environmental information disclosure is significantly negatively correlated with the cost of equity financing,indicating that the disclosure of corporate environmental information can The degree of information asymmetry between investors and investors is reduced,and the cost of equity financing is reduced.Finally,the legislative index of the environmental information disclosure system can significantly enhance the negative correlation between environmental information and equity financing costs,while the regulation of the law enforcement index is not obvious.According to the above research conclusions,this paper puts forward corresponding suggestions from the perspectives of government,investors and enterprises.For the government,we must first speed up the improvement of the legal system of the environmental information disclosure system,and secondly,strictly enforce the law and enrich the law enforcement means.For investors,we should deepen our understanding of environmental information from both breadth and depth.For enterprises,environmental management should be strengthened,and environmental information should be disclosed flexibly on the premise of meeting legal requirements.