The Quality Of Carbon Disclosure,Media Attention And The Financing Cost Of Green Bonds

In recent years,with the concept of "carbon peak,carbon neutral" put forward,the issue of climate change has attracted more and more attention from various countries.When enterprises conduct green bond financing,carbon information disclosure can effectively convey the results of their carbon emission reduction to stakeholders,and then affect stakeholders’ investment plans.Media has the function of supervision and fast transmission of information,which can quickly transmit the enterprise’s carbon emission reduction information to stakeholders and influence their investment decisions.Based on the literature review and induction,this paper analyzes the mechanism of the quality of carbon information disclosure,media attention and the financing cost of green bonds from the perspective of information asymmetry theory,contract theory,bond issue pricing mechanism.This paper takes the green bonds issued from 2016 to 2019 in China Financial Information Network-Green Bond Database as the research object.After eliminating the green bonds with no carbon information disclosure and lack of financial information,the remaining 214 green bonds were studied.This paper first measures the quality of carbon information disclosure.Then,it empirically studies the relationship between the quality of carbon information disclosure,media attention and the financing cost of green bonds,and puts forward policy suggestions for the government and enterprises.Through empirical analysis,this paper finds that :(1)there is a negative correlation between the quality of carbon information disclosure and the financing cost of enterprises’ green bonds.This indicates that the higher the quality of carbon information disclosure,the lower the financing cost of green bonds.(2)Both the total media attention and the positive media attention will promote the impact of the quality of carbon information disclosure on the financing cost of green bonds,while the negative media attention will weaken the impact of the quality of carbon information disclosure on the financing cost of green bonds.Finally,according to the above analysis conclusions,the paper puts forward the following suggestions: the government should establish a perfect carbon information disclosure mechanism and build a comprehensive carbon information transmission mechanism;The media should play the role of external public opinion supervision to guide and supervise the carbon information disclosure of enterprises.Enterprises should understand that their independent carbon information disclosure can bring benefits to their green bond financing and other aspects.By actively disclosing carbon information,they can not only gain competitive advantages but also promote the development of low-carbon economy.