Research On The Impact Of Environmental Information Disclosure On The Debt Financing Capacity Of The Coal Industr

As China vigorously advocates the concept of environmental protection,constantly introduces and improves environmental protection laws and regulations,and more effectively manages the ecological environment problems of heavily polluted industries,the "green credit" policy was introduced in 2016,taking the environmental performance of enterprises as one of the evaluation criteria for bank loans;The recently issued Reform Plan for the Legal Disclosure System of Environmental Information also advocates that the market evaluation agency should include the public mandatory disclosure of environmental information into the credit evaluation and tracking evaluation index system of bond issuing enterprises.Based on the above background,this paper explores the correlation and impact of the quality of environmental information disclosure of coal enterprises on their debt financing capacity through case study,which provides a new research perspective for enriching the social and economic consequences of environmental information disclosure of enterprises in China,as well as guiding the motivation and effect of environmental information disclosure of companies.This paper takes the environmental information disclosed by enterprises as the starting point,through existing research results at home and abroad and theoretical analysis,uses the "content analysis method" to build an environmental information disclosure quality evaluation system suitable for the coal industry,uses the constructed evaluation system to score and evaluate the disclosure quality of a single case-Yankuang Energy,and explores the relationship between the quality of information disclosure and debt financing.The main conclusions of this paper are as follows:Yankuang Energy can reduce the cost of debt financing by improving the quality of environmental information disclosure,which is manifested in the negative correlation between the quality of environmental information disclosure and the average interest rate of long-term loans;Improving the quality of environmental information disclosure can increase more debt financing,specifically,the quality of environmental information disclosure is positively related to the scale of long-term loans;The improvement of the quality of environmental information disclosure has no obvious relationship with the maturity of debt financing.In view of the above research conclusions,this paper puts forward suggestions to improve the quality of environmental information disclosure from the two levels of government and enterprises to promote debt financing capacity.The government should speed up the construction of the environmental information disclosure evaluation system and promote the construction of the third-party environmental audit system.Enterprises should enhance their awareness of independent disclosure,establish an environmental accounting system,and cultivate enterprise environmental accounting talents.