The Impact Of Environmental Information Disclosure By Resource-based Enterprises On Their Debt Costs

In the past,most of the business development of Chinese enterprises used extensive growth models,which caused serious environmental pollution problems due to the adoption of such economic development methods.With the development,people gradually realize the importance of environmental protection and combine environmental factors with economic development to become mainstream awareness.It is very important for companies to disclose environmental information.This is also one of the important ways for outsiders to understand the company.At present,there are few studies on disclosure of environmental information by scholars in China.This paper selects resource-based enterprises as the research object,and uses the theories of stakeholders and information asymmetry as the basis of the study to analyze the relationship between the disclosure of environmental information and debt costs.The first is to analyze the relationship between the two based on the theory and the current situation in China,and then use the data to further explore the theoretical assumptions,mainly to test two questions: First,whether the disclosure of environmental information by the company will affect the cost of debt;Second,the ownership of different companies Whether the nature will affect the relationship between the two.Through research,the following conclusions are drawn:(1)For resource-based enterprises,disclosure of information can reduce costs,that is to say,there is a negative correlation between the two.(2)For non-state-owned enterprises,the negative correlation between cost and disclosure is more obvious,and because state-owned enterprises are protected by policies,the correlation between cost and disclosure is less,but there is also a negative correlation.