Research On The Correlation Between Carbon Information Disclosure And Financing Cost Of The Company Under Strong Regulatory Policy

In the recent years,with the development of society,climatic issues like global warming are drawing more and more attention.The government is perfecting the laws and regulations to lead companies to disclose more environmental information.As part of the environmental information,the carbon accounting information is causing more concerns in media and academe.Low-carbon transformation seems to be the only optional for human development in the long run.Current research focus on the relation between carbon accounting information disclosure and financing cost,however,the research related to the nature of the firm,types of financing and laws is not enough.Based on the Carbon Disclosure Project,the paper examines the relationship between carbon accounting information,strong regulatory policy,the nature of the firm and equity cost and debt cost.This paper collected the data in the chinese listed companies which published social responsibility report from 2013-2017.According to empirical study,the result shows that: There is a significant negative correlation between carbon accounting information score and equity cost.There is no significant correlation between carbon accounting information score and debt cost.The strong regulatory policy has facilitation in the negative correlation between carbon accounting information score and equity cost.However,there is no obvious difference between the effect of the strong regulatory policy on state-owned enterprise and non state-owned enterprises.This paper proves the importance of carbon information disclosure for company to release financing cost,stresses the benefits brought by strong regulatory policy and makes recommendations to government,corporation and academe.