On the Environmental Inspection for Refinancing,Environmental Disclosure and the Cost of Equity Capital
基于中国重污染行业上市公司数据，研究发现环境信息披露能显著降低股权资本成本，且再融资环境审查政策的颁布与执行强化了这一关系。
Based on the sample of listed companies from heavy pollution industries in China,this paper examines the relationship between environmental disclosure and cost of equity capital,as well as the effect ofGreen Financepohcy on the relationship.The results show that environmental information can significantly reduces the cost of equity capital,and the promulgation and the enforcement of refinancing environmental inspection policy play an important role in the relationship between environmental disclosure and cost of equity capital.The study extends the research on relationship between disclosure and cost of capital to non-financial information,reveals the capital market effect of environmental disclosure and provides empirical evidence forGreen Financepolicy.