环境信息披露对债务融资成本的影响研究

以A股2017—2019年重污染上市企业为研究样本,研究了不同权属和地区下企业环境信息披露对企业债务融资成本的影响.研究发现,总体上环境信息披露能降低企业债务融资成本;不同产权类型下国有企业和非国有企业的环境信息披露都能降低企业债务融资成本,但国有企业的环境信息披露能更好地降低企业债务融资成本;不同地区下只有西部地区企...

Study on the Impact of Environmental Information Disclosure on the Cost of Debt Financing

Taking A-share listed enterprises with heavy pollution from 2017 to 2019 as a research sample, an investigation and analysis have been made of the impact of corporate environmental information disclosure on corporate debt financing cost under different ownership and regions. It is found that, on the whole, the quality of environmental information disclosure can reduce the cost of corporate debt financing; the quality of environmental information disclosure of both state-owned and non-state-owned enterprises under different ownership can reduce the cost of corporate debt financing, while the quality of environmental information disclosure of state-owned enterprises can better reduce the cost of corporate debt financing; in different regions, only the environmental information disclosure of enterprises in the western region can effectively reduce the cost of debt financing, meanwhile there is no significant negative impact of environmental information disclosure of enterprises in the eastern and central regions on the cost of debt financing.