Research On Government Regulation, Environmental Accounting Information Disclosure And Debt Financing Cost

With the growth of China’s economy,environmental problems become more and more prominent.Our government has issued a series of policies to rectify environmental problems.First of all,debt financing is the main way for enterprises to finance.At the same time,the main way for enterprises to carry out debt financing is bank credit.The “green credit” policy introduced by the Chinese government enables banks and other financial institutions to fully consider enterprises when making loan decisions.The implementation of environmental responsibility combines the external financing needs of the company with its environmental performance,prompting the company to actively disclose environmental accounting information.At the same time,the relevant policies formulated by the government have also increased the environmental risks faced by enterprises.Stakeholders have paid more and more attention to the environmental performance of enterprises,and environmental accounting information disclosure has received more and more attention.Therefore,how to promote the disclosure level of environmental accounting information has become a topic of extensive discussion in the industry.First of all,government regulation affecting the level of corporate environmental accounting information disclosure as external factors.At the same time,studying the impact of environmental accounting information disclosure on debt financing costs is conducive to guiding enterprises to pay attention to the quality of information disclosure.The main channels for creditors to obtain corporate environmental accounting information are the company’s annual report and social responsibility report.It is especially important for enterprises to actively disclose environmental accounting information for creditors to approve loans.Therefore,it is of great significance to study the impact of the disclosure level of environmental accounting information under government supervision on the cost of corporate debt financing.This paper selects the relevant data of A-share listed companies in the chemical industry from 2014 to 2018 as a sample,adopts the method of empirical test,and uses SPSS software for data processing.Through the reading,analysis and collation of domestic and foreign literature and related concept theory,the relevant hypotheses are put forward,and then the multiple linear regression method is used to carry out the empirical test,and the research conclusions are drawn.Based on this and related factors,the relevant suggestions are put forward.The empirical conclusions drawn from this study are that the higher the level of environmental accounting information disclosure of listed companies,the lower the debt financing cost of enterprises;the higher the level of government supervision,the higher the level of environmental accounting information disclosure;the level of government supervision on the environment of listed companies The negative correlation between the level of accounting information disclosure and the cost of debt financing played a facilitating role.Therefore,this paper puts forward the following suggestions from three aspects: enterprise,creditor and government: First,enterprises should establish environmental awareness,take the initiative to fulfill environmental responsibility,and pay attention to the disclosure of environmental accounting information.Second,creditors should pay more attention to the implementation of corporate environmental responsibility when approving loans.Finally,the government should improve the laws and regulations on environmental accounting information disclosure,so that the disclosure of environmental accounting information of listed companies is more standardized;At the same time,it should supervise the implementation of the environmental responsibility of listed companies and increase the punishment for listed companies that violate the regulations.