Research On The Environmental Information Disclosure,R&D Investment And Cost Of Equity Capital

Nowadays,China’s Economy is in an important period of turning to high-quality development,and the importance of sustainable development is deeply imprinted in the hearts of Chinese.As the main part of the market,enterprises play an vital role in enhancing the high-quality development of China’s Economy,and achieving the winwin goal of economic development and ecological environment protection.Its disclosure of "environmental behavior" information such as its own environmental management,policy implementation,environmental assets,environmental income and environmental protection expenditure can broaden the path for investors to obtain information,reduce information asymmetry and enhance market transparency.The transmission of good corporate environmental behavior to the capital market will undoubtedly cause positive market reactions,such as improving corporate credit rating and enhancing corporate value,Positive information feedback can urge enterprises to actively carry out environmental protection activities,so as to promote high-quality economic development and form a virtuous circle.Based on Social Responsibility Theory,Stakeholder Theory,Information Asymmetry Theory and Signal Transmission Theory,this paper systematically cards the now available literature,puts forward an evaluation index system of Enterprise Environmental Information Disclosure including five dimensions of environmental management,policy implementation,environmental assets,environmental benefits and environmental expenditure to compute the score of the quality of Enterprise Environmental Information Disclosure.This paper puts forward assumptions combined with the current policy requirements of Enterprise Environmental Information Disclosure in China and the reality that the government pays attention to scientific and technological innovation and continuously strengthens R&D Investment,and builds a multi-regression model of the relationship between Enterprise Environmental Information Disclosure,R&D Investment and the Cost of Equity Capital.Manually search,gather and sort out the Environmental Information Disclosed from 2018 to 2020 in the annual report and corporate social responsibility report,determine the relevant data of regulatory variables and control variables through CSMAR database,obtain 192 sample companies,a total of 576 observations,and use stata16 to conduct regression analysis on the balance panel data.The main regression results indicate that the Environmental Information Disclosure can negatively affect the Cost of Equity Capital;The multi-dimensional regression results of Enterprise Environmental Information Disclosure indicate that compared with the two dimensions of environmental income and environmental expenditure,the Environmental Information Disclosure in the three dimensions of environmental management,policy implementation and environmental assets make a difference to the Cost of Equity Capital;The regression results of regulatory effect indicate that strengthening R&D Investment can significantly enhance the negative correlation between them.It is suggested that enterprises clarify their main responsibilities,consciously carry out Environmental Information Disclosure in accordance with laws and regulations while saving energy and reducing emissions and earnestly fulfilling their obligations of environmental protection,and continuously improve the quality of Environmental Information Disclosure;The government should refine environmental protection policies and regulations and enhance supervision;Regulatory authorities should strengthen market environmental risk education,let stakeholders consciously play the role of external supervision,and urge enterprises to improve environmental behavior.