Environmental Information Disclosure of Listed Company Study on the Cost of Debt Capital Empirical Data: Based on Thermal Power Industry

Xuan ZHAO, Lieke ZHANG, Yuwei SONG

Abstract


Environmental pollution incidents in recent years, at the cost of sacrificing the environment’s mode of economic development are facing a deep review. This 2008 year to 2012 year in Shanghai and Shenzhen-listed power companies for the study, from the point of view of debt financing effect of environmental information disclosure on corporate debt, the cost of capital. Study: Environmental information disclosure levels significantly impact corporate debt financing costs, full environmental disclosure of listed companies of their lower unit cost of debt capital; overall low level of environmental disclosure in the thermal power industry, but increasing trend. Theoretical study and institution-building, as well as enterprise autonomy make relevant recommendations. 


Keywords


Debt capital cost; Environmental information disclosure; Thermal power

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References


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DOI: http://dx.doi.org/10.3968/%25x

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