Environmental Information Disclosure,Government Supervision And Debt Financing Costs

Since the reform and opening up,with the rapid economic development,people’s living standards have been rapidly improved.However,at the same time,the disadvantages of the extensive economic growth mode have gradually emerged,and environmental pollution accidents have frequently occurred,which has greatly affected people’s production and life.For this reason,the whole society strongly advocates the development of a low-carbon economy and a circular economy,and implements energy-saving and emission-reduction measures.As a micro-subject in the market economy,enterprises consume a lot of natural resources in all links of their production and operation.The environmental performance of enterprises has become one of the focus of investors’ attention.How to improve the environmental protection awareness,effectively curb environmental pollution behavior,and improve the quality of environmental information disclosure of enterprises has become one of the government’s main tasks.Based on this,it is of significance to study the relationship between the quality of environmental information disclosure,government regulation and the cost of debt financing.This paper selects the relevant data of 16 A-share listed companies in the heavy polluting industries from 2014 to 2018 as research samples,adopts an empirical test method,and uses STATA 14.0 software for data processing.Reading,analyzing and collating the related concepts at home and abroad,putting forward relevant hypotheses,and then using multiple linear regression methods to conduct empirical tests.The research results show that the overall level of environmental information disclosure quality of China’s heavily polluting enterprises is low;the quality of environmental information disclosure is negatively related to the cost of debt financing;government supervision can strengthen the negative effect between the quality of environmental information disclosure and the cost of debt financing.Compared with non-state-owned enterprises,the improvement of the quality of environmental information disclosure in state-owned enterprises has a more significant effect on reducing debt financing costs.In addition,this article also puts forward policy recommendations from three perspectives:government departments,investors,and enterprises.Government departments should establish a standardized corporate environmental information disclosure system,establish and improve a unified reward and punishment mechanism,and increase supervision while mobilizing the enthusiasm of enterprises,so as to give full play to their role in monitoring corporate environmental information disclosure;investors should establish a reasonable environment Investment view,timely,comprehensive,effective access to corporate environmental information,so that it can more effectively assess corporate value and existing risks,and then make correct investment decisions;companies should actively fulfill environmental responsibilities and improve the quality of environmental information disclosure Strengthen environmental management to achieve a win-win situation for corporate development and environmental protection.