Carbon Disclosure And Debt Financing Costs

The development of low-carbon economy has become the world's top priority.More and more companies are sending positive signals to the outside world through the disclosure of carbon information to improve the usefulness of investor decision-making.Carbon information disclosure serves as a tool for communication between companies and the outside world,allowing stakeholders to understand more about corporate carbon information management activities and establish a good corporate image to the outside world.In order to address the climate challenge,promote the development of low-carbon economy,and optimize the goal of resource allocation,this paper explores the mechanism of the disclosure of carbon information on debt financing costs based on the perspective of carbon disclosure,and on this basis introduces the nature of property rights and marketization level.As a control variable,the relationship between them is analyzed.In the case of different corporate nature and market environment,there is a difference in the impact of carbon disclosure on the cost of debt financing.Combining our country's actual situation and the combination of intuitive data and theoretical analysis,we explored the impact of carbon disclosure on corporate debt financing costs,and expanded our research on the economic consequences of carbon disclosure.This article uses the top 100 listed companies involved in the 2011-2016 China CDP report as a sample of the study,and determines the carbon disclosure level from the two dimensions of the CDP report and the corporate social responsibility report.The factors that influence the debt financing cost include: Enterprise scale,equity concentration,return on assets,time to market,etc.,conducted an empirical test on the impact of corporate carbon information disclosure on debt financing costs,and introduced regulatory variables such as the nature of property rights and marketization levels to examine different environments.Under the condition,the mechanism of carbon disclosure on the cost of debt financing has made the research of this paper more abundant and reliable.The research results show that: First,corporate carbon disclosure can reduce information asymmetry and environmental risks of enterprises,thereby reducing the cost of corporate debt financing;Second,compared with non-state-owned enterprises,the disclosure of state-owned carbon information on debt financing costs Lowering effect is stronger.Third,compared with regions with low degree of marketization,in regions with a high degree of marketization,the role of carbon disclosure in reducing the cost of debt financing is more pronounced.Because China's carbon information disclosure system is not perfect,this paper combines empirical and normative methods to explore the mechanism of carbon disclosure on debt financing costs,providing good empirical evidence for the economic consequences of carbon disclosure,and can promote low The carbon economy develops and regulates companies' disclosure of carbon information.At the same time taking into account the regulatory role of the nature of property rights,marketization level,etc.,for our country carbon information disclosure from the improvement of government supervision mechanism,enhance the level of marketization,promote public participation in the supervision of carbon disclosure,etc.Suggestions for improvement,beneficial to China's low carbon The better development of the business.