Influence Of Mandatory Environmental Information Disclosure On Financing Cost Of Listed Companies In China

This paper studies the impact of mandatory environmental information disclosure policy on corporate debt financing costs and equity financing costs,and attempts to further analyze the mechanism of mandatory environmental information disclosure policy on the above two financing costs from the channel of financing constraints.In this paper,key pollutant discharging units as the experimental group,non-key pollutant discharging units as the control group,through the method of difference-in-difference test mandatory environmental information disclosure policy on corporate debt financing costs and equity financing policy effect.And further through the “mandatory environmental information disclosure-financing constraints-debt financing costs” and “mandatory environmental information disclosure-financing constraints-equity financing costs” two analysis paths to study the transmission mechanism of China’s mandatory environmental information disclosure policy.It is found that the mandatory environmental information disclosure policy has two effects on the financing cost of key pollutant discharge units.One effect is to significantly increase the cost of debt financing,and the other effect is to significantly reduce the cost of equity financing.The results of further analysis based on the mediating effect model show that among the above two effects,financing constraints play a partial mediating effect,that is,in the transmission mechanism of the mandatory environmental information disclosure policy,the mandatory environmental information disclosure policy reduces the cost of equity financing by reducing the financing constraints of key polluters.At the same time,although the mandatory environmental information disclosure policy reduces the financing constraints of key pollutant discharge units,it increases the cost of debt financing.The above research shows that the policy effect of mandatory environmental information disclosure is not fully appears,and the original intention of the policy is initially realized in China ’s credit market,but in the stock market there is a transmission mechanism contrary to the original intention of the policy,which leads to the opposite policy effect.This paper takes China’s mandatory environmental information disclosure pilot policy as the research object for the first time,which has reference significance for enriching the theoretical research and practical work of China’s environmental information disclosure policy.