Carbon Emission Intensity,Quality Of Carbon Information Disclosure And Financing Cost Of The Energy Enterprises

As the "baton" and "chief dispatcher" of China’s low-carbon economic development,the vision of "carbon neutralization and carbon peak" will have far-reaching influence on the development trend of enterprises and the investment pattern of capital market.The energy industry is the focus of the country’s efforts to promote the development of low-carbon economy.Will its characteristics of "high emission,high energy consumption and high pollution" affect the investment and financing activities of enterprises in the capital market?Therefore,by studying the impact of carbon emission intensity and the quality of carbon information disclosure on the financing cost of enterprises,this paper reveals how enterprises gain the trust of investors and creditors to obtain investment by improving the level of carbon governance,relieve the financial pressure of enterprises in the process of low-carbon transformation,reduce the financing cost of enterprises,and further accelerate the industrial upgrading of the energy industry.So as to realize the green and low-carbon sustainable development of enterprises.Based on low-carbon economy theory,Social responsibility theory,signal transmission theory,efficient market theory and cost of capital theory,this paper selects A-share listed companies in the energy industry from 2011 to 2020 as research samples.Multiple regression model is used to study the relationship between carbon emission intensity and corporate financing cost,the relationship between the quality of carbon information disclosure and corporate financing cost,and the relationship between the quality of carbon information disclosure and corporate financing cost under different carbon emission intensity.The research results show that:(1)There is a significant positive correlation between carbon emission intensity and the cost of equity and debt,that is,the higher the carbon emission intensity,the higher the cost of equity and debt;(2)The quality of carbon information disclosure is negatively correlated with the cost of equity and debt,that is,the higher the quality of carbon information disclosure,the lower the cost of equity and debt;(3)Compared with enterprises with low carbon intensity,the negative correlation between the quality of carbon information disclosure and the cost of equity and debt is more significant in enterprises with high carbon intensity;(4)Based on the heterogeneity analysis of the enterprise life cycle stage,it is found that the positive correlation between carbon emission intensity and the cost of equity and the cost of debt is more significant in the growing and mature stage enterprises,and the negative correlation between the quality of carbon information disclosure and the cost of equity and the cost of debt is more significant in the mature stage enterprises.Finally,based on the above research conclusions,this paper puts forward corresponding policy suggestions from the government level,intermediary level,capital market level,bank level and enterprise level.The government and other relevant departments should formulate low-carbon policies scientifically and strictly supervise the behaviors of enterprises.Intermediaries should play an active role in supervision to ensure that information is complete and reliable.Investors,banks and other institutions in the capital market should grasp the carbon information in time and make decisions carefully and prudently.Enterprises should comply with the low-carbon development policy and help enterprises to make green transformation.