Research On The Impact Of Environmental Accounting Information Disclosure On Green Bond Financing Costs

Green bonds,as an important part of the green financial system,promote China's green economy and green financial development has made positive contributions.This paper studies the relationship between environmental accounting information disclosure quality and green bond financing cost.It is of practical significance to stimulate green bond issuers to actively conduct environmental accounting disclosure,reduce green bond financing costs,and build more green environmental protection projects.This paper selects 267 green bonds issued by China in 2016-2018 as the research object.Based on the related theories of financing order,information asymmetry and signal transmission,the environmental accounting information disclosure level and financing cost of green bond issuers were measured by using content analysis method and credit spread method,The SPSS software was used for correlation analysis and the robustness of the analysis results was tested.The empirical results show that the quality of environmental accounting information disclosure has a negative impact on the financing cost of green bonds.It is proposed that green bond issuers should strengthen the certification of third-party evaluation institutions.Starting from the disclosure of "environmental benefit objectives",the content of environmental information disclosure should be enriched and innovated to improve the quality of environmental information disclosure.