An Empirical Study On The Impact Of Environmental Information Disclosure On Enterprise Capital Cost

With the rapid development of China’s economy,environmental problems are becoming increasingly prominent.Governments,enterprises and the public are increasingly concerned about environmental prevention and ecological protection.The regular disclosure of environmental information is the main channel for the government and the public to understand the efforts of the enterprise in environmental protection.It also embodies the enterprise’s active responsibility for environmental protection,which helps the modern enterprises to consider the factors of two aspects of the economic interests and environmental protection in the strategic design and management operation.It can be seen that the signal of transmitting environmental management and green development to the outside world is becoming more and more important to the enterprises.It is not ideal for the environmental information disclosure of Listed Companies in China.The main manifestation is that the disclosure content is limited to the dragonfly,the description of the text is not specific,the content of quantitative disclosure is less,and the industry characteristics are short.In order to maintain the sustainable development of the social economy and the interests of the investors,the government has introduced the system policies such as "environmental information disclosure(Trial)" and other institutional policies,increase the supervision of the environmental responsibility of listed companies,standardize the disclosure system of environmental information,promote the listed companies to actively and consciously improve the quality of environmental information disclosure,and ensure the cooperation of the relevant stakeholders.Legal rights and interests,so as to achieve the unity of economic and social benefits.One of the economic consequences of information disclosure is the change in the capital cost of the enterprise.By disclosing a series of information on environmental management behavior,such as environmental protection ideas,environmental policies and environmental performance,enterprises guide the direction of capital flow in the capital market,thus affecting the cost of obtaining the debt funds and equity funds for the survival and development of the enterprises.In view of this,it is of theoretical research value and practical guiding significance to explore the relationship between environmental information disclosure quality and capital cost of enterprises.This study selects Shanghai and Shenzhen A share listed companies as an example to analyze the relationship between environmental information disclosure and capital cost.First,the influence of environmental information disclosure quality on enterprise capital cost is analyzed.On the basis of reviewing the relevant research results at home and abroad,the internal relationship between environmental information disclosure and capital cost is explored in detail,and the capital cost is divided into debt capital cost,right capital cost and total capital cost of the comprehensive two parties,and the corresponding research hypothesis is put forward.Secondly,the sample data selected by this study are tested by descriptive statistics,correlation analysis and multiple regression analysis.The empirical results show that there is a significant negative correlation between the quality of enterprise environmental information disclosure and the cost of debt capital,the cost of equity capital and the total cost of capital,that is,the improvement of the quality of environmental information disclosure brings the corresponding capital.The decrease of this.Finally,based on the conclusions,we put forward relevant suggestions from three perspectives,including government,enterprises and investors.