| Establishing and improving the environmental information disclosure system of listed companies is an important basis for the sustainable development of green finance.Standardizing the content of environmental information disclosure is not only conducive to improving the credibility of the green financial market,but also helps to improve the quality of listed companies and promote the steady development of the capital market.The environmental information disclosure of enterprises in China starts late,lacks a complete mandatory information disclosure system,the channels and forms of disclosure are not standardized,the quantity and quality of disclosure need to be improved,and the disclosure level of different enterprises is seriously divided,and the phenomenon of information fragmentation is obvious.The environmental information with certain concealment has become the focus of the game among stakeholders.Therefore,the study of environmental information disclosure is of great significance.The existing literature mostly concern on what effect does environmental news disclosure have on corporate merits.In my research,I analyze the effect of mandatory information disclosure on credit financing cost.Taking A-share listed companies in heavy pollution industry from 2013 to 2019 as the research sample,this paper uses the list of key pollutant discharge units issued by the ecological and environmental departments of all provinces,cities and autonomous regions as a natural experiment,and uses the DID method to conduct empirical test,and further analyzes the impact of mandatory environmental information disclosure on loan financing cost in enterprises with different ownership and financial transparency.The results show that: For the companies listed as key pollutant discharge units,mandatory environmental information disclosure markedly cuts the cost of credit financing;furthermore,in non-state-owned companies,this negative correlation between two variables performs more prominently.Mandatory information disclosure policy has a greater effect on the credit financing of companies with lower financial transparency.In addition,the effect of mandatory environmental information disclosure performs more significantly in regions with a higher level of marketization.Based on the research conclusions,this paper proposes to strengthen the design of environmental information disclosure,establish a complete environmental information disclosure system and relevant laws,clarify the obligations of environmental information disclosure of enterprises;improve the initiative awareness of environmental information disclosure of enterprises,actively improve the information disclosure system and disclosure methods,improve the quality of environmental information disclosure;strengthen the supervision of environmental information disclosure,introduce an independent third party to evaluate the quality of environmental disclosure and prepare an independent environmental report. |
