| By discussing the relationship between the quality of environmental information disclosure of listed companies of heavy pollution industry in China and IPO financing cost, this research find the economic consequences after improving the quality of environmental information disclosure; And then, through the enterprise can be divided into state-owned enterprises and non-state-owned enterprises, this research explore the different relationship of the environmental information disclosure quality and IPO financing cost between different property nature.We find the following conclusions: improving the quality of environmental information disclosure, will reduce the information asymmetry, and make inquiry objects determine the value of the company more accurately, offer more close to the real market value, thereby reducing the company’s IPO financing cost; Compared with the non state-owned enterprises, state-owned enterprises economic power is stronger, more powerful to protect the environment, to fulfill the social responsibility, therefore, environmental information disclosure quality of IPO financing cost reduction effect more apparent in the state-owned enterprises.This paper verified in heavy pollution industry, the improvement of environmental information disclosure quality will generate positive economic consequences, and this effect is more obvious in the state-owned enterprises, has put the IPO of the company’s environmental information disclosure situation into consideration. This is not only beneficial to IPO financing cost is reduced, reducing state-owned enterprises IPO discount, but also to help investors identify companies risk to a more accurate price and investment decisions, help to improve the efficiency of capital market, therefore, the IPO companies themselves should improve the quality of the environment information disclosure, and the environmental protection in tax breaks and subsidies shall be suitably to the private enterprises. |
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