Research On The Impact Of Environmental Information Disclosure Quality On The Financial Performance Of Green Bond Issuers

Green finance can provide strong impetus for high-quality development.Green bond is one of the fast-growing financial instruments in the green financial system in recent years.Environmental benefit information reflecting its green attribute is an important part of bond information.The disclosure of green bond environmental information is an extremely important work,which can guide the behavior of market stakeholders.Because there are different regulators for different kinds of bonds and there are multiple standards for information disclosure,the quality of environmental information disclosed by bond issuers is uneven.Today’s social interests are deeply integrated.Environmental information disclosure of green bonds helps to improve information transparency,reduce regulatory costs,reduce certain investment environmental risks and corporate financing costs,and show the image of corporate responsibility.However,high-quality information disclosure requires a certain investment cost.So,does the improvement of quality help to improve the financial performance level of enterprises? The research of this paper is helpful to solve the quality problem of information disclosure from the perspective of the issuer.Through content analysis,this paper quantifies the scoring system,measures the quality index value of environmental information disclosure,evaluates the financial performance of enterprises with factor analysis,and conducts mixed regression analysis on the research samples from 2016 to 2018,which basically proves that high-quality information disclosure has a promoting effect on the financial performance of issuers,and the promoting effect of lag period is more obvious.It is suggested that green bond regulators should establish a unified and perfect information disclosure and third-party evaluation and certification system,enterprises should actively take social responsibility and add social responsibility to corporate governance,the government should give full play to the role of policy guidance,cultivate investors’ green investment concept and play the role of information disclosure and supervision.