The Difference In The Impact Of The Environmental Information Disclosure Quality Of Listed Companies On The Financing Costs Of Companies

Enterprises are the main body of economic development,it play an important role in the social responsibility of protecting the environment.Under the green economic system,the government has issued a series of environmental protection policies to strengthen the supervision.In accordance with the requirements of the government environmental protection system,reduce the risk of stakeholders environment,satisfies the requirement of the social public environmental triple under external pressure,environmental information disclosure is the most intuitive performance corporate environmental responsibility.However,the research shows that the quality of environmental information disclosure of listed companies is generally low.Equity and debt financing are the main methods for financing of listed companies,and low financing costs represent high-interest income,and low financing costs represent high interest income.Under the environmental protection policy,banks have incorporated corporate environmental risks into credit review standards.Investors have incorporated corporate environmental risks into their investment decisions.The quality of enterprise environmental information disclosure is bound to have a certain impact on the financing cost of enterprises.It is of great significance to study the impact of environmental information disclosure quality on the financing cost of enterprises to change the passive mode of environmental information disclosure of listed enterprises and to improve government environmental supervision.At present,the research on the impact of environmental information disclosure quality on financing costs mainly focuses on the impact of environmental information disclosure on equity financing costs,and most of the research results show that improving the quality of environmental information disclosure can reduce the cost of equity financing.Based on this,this paper selects the heavily polluting enterprises that the country pays close attention to as the research sample.Firstly,this article reviews the relevant contents of this study,including the overview of environmental information disclosure,the review of the quality of environmental information disclosure on equity financing costs and debt financing costs;Thirdly,the status quo of environmental information disclosure of heavily polluting listed companies was analyzed,and it was concluded that the overall environmental information disclosure of listed companies with heavy pollution was not high and had the nature of equity and industry differences.Finally,a panel multiple regression model was established based on the research content to analyze the overall sample environmental information.Disclosure of the impact of quality on the cost of equity financing,the quality of environmental information disclosure on the cost of debt financing,and the difference between the two;Considering that the environmental information disclosure of heavy polluting companies in China has the nature of equity,the differences in the impact of the environmental disclosure of state-owned and non-state-owned heavily polluting enterprises on equity financing costs and debt financing costs are studied.Considering that heavy polluting enterprises belong to different industries,the paper analyzes the difference between the quality of environmental information disclosure and the impact of the quality of environmental information disclosure on the cost of equity financing and the cost of debt financing.The results show that:(1)the environmental information disclosure quality are negatively related with equity financing cost(2)the environmental information disclosure quality is negatively related with debt financing cost(3)in the environmental information disclosure quality cost of equity financing and debt financing cost comparison,the difference of the both in the total sample,samples of different nature of the equity or industry points regression results,all show the sensitivity of the equity financing cost of environmental information disclosure quality than debt financing cost on the sensitivity of the new environmental information disclosure quality(4)for the state-owned and non-state-owned enterprises with different properties,both the sensitivity of the equity financing cost of environmental information system,or the sensitivity of the debt financing of environmental information,non-state-owned enterprises are higher than that of state-owned enterprises(5)for different industries,due to the heavy pollution industry enterprises belong to different,different operations and features of heavy pollution industry,for the environment and energy dependence,in environmental policy and development under the dual pressure of their own business operation,for the degree of environmental information disclosure will be different,the sensitivity of the environmental information disclosure and the cost of financing exist difference by different nature of the industry.