Study Of The Influence Of Environmental Accounting Information Disclosure Quality On Financing Cost In Heavy Polluting Industries

In recent years,with the rapid development of the global economy,Earth's ecological environment has suffered severe damage.With the deterioration of the environment,people's environmental awareness is gradually enhanced,the country's recognition degree of environmental issues is also strengthening.People can only understand the environmental situation of the company through the disclosure of environmental accounting information.therefore,the environmental accounting information disclosures are very meaningful.Because of heavy pollution industry have a much higher impact on the environment than other industries,so this discourse choice the listed corporations of heavy pollution industry as samples to study.From the investors ' perspective,This discourse have an empirical study on the relationship between quality of environmental accounting information disclosures and financing costs(equity financing cost and debt financing costs)of Shanghai A-share listed corporations in heavy polluting industries from 2012 to 2014,aims to reveal the main factors that affect the listed corporations' financing cost(cost of equity financing and debt financing costs),and thereby guide the listed corporations to improve the efficiency of financing and capital market.In the research,this discourse first set up an index system of environmental accounting information disclosure to make a comprehensive evaluation on it.Then,this discourse tests hypotheses from the following two aspects: On the one hand,having an empirical analysis of the relationship between the quality of environmental accounting information disclosure and the cost of equity financing by using regression model;On the one hand,through the establishment of a selection model,set up an interaction variables to test the impact of environmental accounting information disclosure on the cost of equity financing and debt financing.Through the research we can see that,the quality of environmental accounting information disclosure and the financing costs are significantly negative related,whichshows that the quality of environmental accounting information disclosure will make the financing costs be lower;The impact that environmental accounting information disclosure quality on the cost of equity financing is greater than the impact on the cost of debt financing,which shows that as compared to the creditors,the stock investors are more concerned about the quality of environmental accounting information disclosure and more dependent on it.So if the listing Corporation want to better reduce the financing costs and improve the company's financing efficiency,it is necessary that giving more focus on the shareholders.