Research On The Influence Of Carbon Performance On Debt Financing Cost Under The Regulation Of Audit Quality

The traditional extensive and inefficient economic development model has seriously overdrawn the dividends of natural ecology,which has brought a series of negative environmental externalities,but also seriously affected the sustainable development of the economy.Carbon performance,born in the era of ecological development,is the driver of green economic development and social stability,and is also the key to China’s overall green transformation and upgrading.In addition,the level of carbon performance,as an important indicator to measure the results of corporate environmental governance,directly transmits a signal of corporate social responsibility to the capital market,affects the credit decisions of external creditors,and subsequently affects the level of corporate debt financing costs.However,in the socialized and information-based market environment,how does carbon performance affect the level of corporate debt financing costs,whether it will rise or suppress,is still unclear? Based on this research background,this article uses listed companies in the Shanghai and Shenzhen A-share manufacturing industry from2016 to 2020 as a research sample to test the impact of carbon performance on debt financing costs,and analyzes the regulatory role of audit quality from the perspective of corporate external governance.Firstly,this article mainly combs relevant literature on carbon performance and debt financing costs,audit quality and debt financing costs,carbon performance and audit quality,and combines relevant theories to deeply analyze the impact of carbon performance on debt financing costs,and introduces audit quality into research to explore its regulatory role in the relationship between carbon performance and debt financing costs.Secondly,on the basis of theoretical analysis,this paper takes the listed companies in the manufacturing industry of Shanghai and Shenzhen A-shares from 2016 to 2020 as the research object,and carries out empirical tests by constructing an OLS regression model.The results show that:(1)carbon performance has a significant negative impact on debt financing costs;(2)Audit quality strengthens the negative impact of carbon performance on debt financing costs;(3)Compared with non-heavily polluting enterprises and eastern enterprises,the constraint effect of carbon performance on debt financing costs is more obvious in heavily polluting enterprises and enterprises in the central and western regions.Finally,according to the empirical results,based on the two dimensions of enterprise and government,carbon performance and audit quality,this paper puts forward targeted suggestions for enterprises to reduce debt financing costs.This paper expands the research perspective of carbon performance and debt financing cost to provide a reference for manufacturing enterprises to achieve green and high-quality development.