Research On The Impact Of Environmental Information Disclosure Quality On The Financing Cost Of Traditional Manufacturing Industry

In order to study the relationship between the quality of environmental information disclosure and the financing cost of the traditional manufacturing industry,under the reading and understanding of the relevant research at home and abroad,combined with the development of the traditional manufacturing industry in China,Intercepting the panel data of listed textile enterprises from 2013 to 2018 for empirical analysis.Firstly,16 indexes are selected from the three dimensions of significance,adequacy and timeliness to construct the index evaluation system of environmental information disclosure quality.Secondly,the financing cost(including equity financing cost and debt financing cost)is regarded as dependent variable,and the corresponding control variables are added,then the correlation analysis and regression analysis are carried out in turn.Two steps in the empirical process The regression analysis is done on the effect of environmental information disclosure quality on equity financing cost and debt financing,and then the difference of environmental information disclosure on financing cost is studied.The empirical results show that,for listed textile enterprises,the quality of environmental information disclosure is negatively correlated with equity financing cost and debt financing cost,and the higher the environmental information disclosure quality,the lower the financing cost.The effect of environmental information disclosure quality on the cost of equity financing is greater than that of debt financing.Because the creditors have more channels to know the enterprise information,and the general shareholders can only know through the enterprise disclosure,so the shareholders are more sensitive to the environmental information disclosed by the enterprise.In order to improve the quality of environmental information disclosure and reduce the financing cost of listed textile enterprises,we should improve the legal and regulatory system of environmental information disclosure,perfect the environmental information disclosure system,and strengthen the authenticity of approved information disclosure.We should improve the reward and penalty mechanism of enterprise environmental governance,standardize the information disclosure requirements of listed enterprises,improve the environmental protection disclosure consciousness of listed textile enterprises,perfect the environmental information disclosure mechanism within enterprises,and perfect the green credit system of commercial banks.