Research On The Impact Of Corporate Carbon Information Disclosure On Debt Cost

The current greenhouse effect is a important factor restricting the development of green economy.Reducing carbon emissions has become one of the major measures for countries to cope with environmental changes.China is the largest developing country in the world,with the carbon emissions ranking first in the world.It is the top priority of all work to introduce relevant policies and urge enterprises to reduce carbon emissions.With the attention of the government and the public,Chinese companies are paying more and more attention to carbon information disclosure.In the context of green credit,financial institutions and creditors are concerned about corporate carbon disclosure increasingly.Based on stakeholder theory,information asymmetry theory,signal transmission theory and other theories,this paper analyzes the mechanism of carbon information disclosure affecting corporate debt costs: carbon disclosure can alleviate internal and external information asymmetry and avoid adverse selection,while carbon disclosure indicates that the company's environmental risk awareness and environmental protection actions,considered by creditors to be non-existent environmental litigation risks,ultimately affecting the company's debt costs.Higher regional marketization process,the media is more developed,environmental regulation and legal supervision are more stringent,creditors have higher environmental risk awareness,and more emphasis on corporate carbon governance.Carbon information has become one of the important bases for creditors to assess corporate credit risk.This paper constructs a carbon disclosure evaluation system and conducts empirical tests based on the data of listed companies' carbon disclosure levels in 2011-2017.The research conclusions are as follows:(1)The number of enterprises participating in carbon informationdisclosure is increasing year by year,but the overall level of carbon information disclosure is not high,and There are significant differences in carbon information disclosure among various industries;(2)Carbon information disclosure and debt costs have a significant negative correlation between non-state-owned enterprises and heavily polluting enterprises;(3)Marketization process can strengthen the relationship between disclosure of carbon information and cost of debt.Compared with state-owned enterprises and non-heavy polluting industries,the marketization process can strengthen the negative correlation between carbon information disclosure and debt costs in non-state-owned enterprises and heavily polluting industries.Based on the above conclusions,it is proposed that enterprises should actively disclose carbon information to obtain debt financing at a lower cost;raise public awareness of environmental protection and advocate green and low-carbon life;and the government builds a specific framework for carbon information disclosure to provide guidance for corporate carbon information disclosure.