Monetary Policy, Disclosure Carbon And Debt Financing

Capital is the source of a company's development. Companies mainly obtain the capital necessary for its development through debt financing and equity financing. Debt financing is an important mean for companies to raise funds and it mainly includes bank loan, commercial credit, corporate bonds, and financial leasing. With the appearance of environmental protection laws and regulations and the green credit policy, non-financial information related to greenhouse gas emissions has become the main concern of interest-related stakeholders when they make investment decisions. In order to reduce the environmental and social risks, more and more stakeholders have focused on information related to greenhouse gas emissions which leads a company's carbon disclosure performance becomes an important internal factor that affects enterprise's debt financing. In addition, through the regulation of monetary policy, the government can affect the supply of bank lending money, and then influences of enterprise investment and financing activities which monetary policy become an important external factor of corporate debt financing.With reference to research results, based on the information asymmetry theory, signaling theory, legitimacy theory, soft budget constraint theory, this paper tired to research on the relationship between monetary policy, carbon disclosure and debt financing. Based on Shanghai A-share manufacturing sample source, the paper selected data of 223 manufacturing enterprises as the research objects from 2010 to 2014. According to Carbon Disclosure Project framework and content, this paper constructed carbon index system of information Disclosure. And through the annual report, the social responsibility report, environmental report, sustainable development report and other related report, this paper also collected carbon information datas of enterprises, and regarded carbon information index scores as a measure of carbon disclosure level indicator, bank loan financing as a measure of corporate debt financing indicators to analysis the information disclosure of carbon and the relationship between debt financing. On different monetary policy, property rights, heavy pollution industry, marketization process. This paper found that information disclosure of carbon and bank loan financing are relatedand this relationship is more obvious in state-owned enterprises and heavy polluting enterprises. Secondly, when the monetary policy is going to be tight,bank loan financing which the enterprise can receive will reduce.Third when the monetary policy is going to be tight, the improvement carbon disclosure of enterprises can increase the bank loan financing. Finally the paper puts forward to the policy suggestions from the macroscopic and microscopic aspects based on research condusion.