The Research On The Impact Of Green Information Disclosure Quality On Green Corporate Bond Financing Costs

The increasing prominence of environmental problems has accelerated the pace of mankind's pursuit of green development and promoted the green revolution in the financial industry.Successively promulgated policies will guide the green information disclosure system in the green bond market from voluntary to mandatory.If the disclosure of green information is not only the response of the bond issuer to the policy,but also has tangible benefits,their enthusiasm for independent disclosure will increase.Therefore,studying the impact of green information disclosure quality on the financing cost of green corporate bonds and clarifying the path of impact will help to explore the internal motivation of companies to independently disclose high-quality green information from the perspective of financing costs and help the development of the green corporate bond market.Based on multiple theories such as social responsibility investment theory,information asymmetry theory,and signal transmission theory,the thesis analyzes the impact of green information disclosure quality on the financing cost of green corporate bonds,clarifies the intermediary role of bond credit ratings,and introduces bond issuer property rights The nature and the third-party green certification are used as adjustment variables for the analysis of adjusted intermediary effects.An empirical research test was conducted using 93 green corporate bonds issued on the Shanghai and Shenzhen stock exchanges as the research sample in the first half of 2016-2019.The study found that the quality of green information disclosure is inversely related to the financing cost of green corporate bonds.The bond credit rating plays a part of the intermediary role.When the bond issuer is a state-owned enterprise and the debt has third-party green certification,the intermediary effect will be weakened.That is,the disclosure of high-quality green information can reduce the financing cost of green corporate bonds.The bond issuer has the inherent motivation to independently disclose green information based on economic costs.This impact needs to be partially verified by the bond credit rating;the state-owned nature can enhance investment Confidence in the project 's green benefits,and third-party green certification can more accurately connect with the assessment of green information,which will reduce the verification effect of bond credit ratings to a certain extent.The contribution of the paper is to build a green information disclosure quality evaluation index system including company level and project level,and analyze the mechanism of the effect of green information disclosure quality on the financing cost of green corporate debt.The research findings provide empirical evidence for bond issuers to attach importance to and strengthen green information disclosure,improve the top-level design and macro guidance of the government's information disclosure system in the green bond market,and train and regulate third-party institutions to enter the green bond market.