Research and Analysis of carbon Trading Information Disclosure quality on Equity financing cost‐‐ taking New Energy Industry as an example

In the context of the rapid development of green finance, the quality of carbon information disclosure is gradually paid attention to by investors and has an important impact on financing costs. Based on the cross-section data of 150 new energy enterprises in 2016, the Topsis carbon information disclosure quality evaluation model modified by entropy weight method was constructed to empirically test the impact of carbon information disclosure quality on the equity financing cost of enterprises and discuss the difference in the impact of different companies. The research showed that :(1) The equity financing costs of new energy enterprises were quite different, and the quality of carbon information disclosure need to be improved; (2) The comprehensive quality of corporate carbon information disclosure had a significant negative impact on the cost of corporate equity financing, the quality of carbon management and carbon development information disclosure had a significant negative impact on the cost of corporate equity financing, but the impact of carbon emission information disclosure quality was not significant; (3) Under different corporate natures, the quality of carbon information disclosure had a more significant negative impact on non-state-owned enterprises. Accordingly, it is suggested that relevant government departments speed up the construction of carbon information disclosure quality standard evaluation system, and implement corresponding regulatory measures, which to promote the healthy and steady development of green economy.