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


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. 


Debt capital cost; Environmental information disclosure; Thermal power

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


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