An Empirical Analysis of the Impact of Environmental Accounting Information Disclosure on Corporate Financing Costs

Against the backdrop of the "dual carbon" targets and the rapid development of green finance, the influence of environmental accounting information disclosure on corporate financing decisions has become increasingly significant. This study selects Chinese A-share listed companies from 2018 to 2022 as the research sample and empirically examines the impact and underlying mechanisms of environmental accounting information disclosure on corporate financing costs from three dimensions: information asymmetry, corporate reputation, and risk perception. A comprehensive evaluation system of environmental information disclosure is constructed, encompassing disclosure quality, quantity, and timeliness. The weighted average cost of capital (WACC) is used to measure corporate financing costs. Multiple econometric methods—including fixed effects models, mediation effect models, instrumental variable approaches, and difference-in-differences (DID) analysis—are employed to ensure robust empirical findings. The results indicate a significant negative correlation between the level of environmental accounting information disclosure and corporate financing costs. Specifically, a one-standard-deviation increase in the environmental disclosure index is associated with a reduction of approximately 0.165 percentage points in financing costs. Among the disclosure dimensions, quality exerts the greatest impact, followed by quantity and timeliness, suggesting that investors prioritize the reliability of environmental information. Environmental information disclosure reduces financing costs through three channels: mitigating information asymmetry (contributing 27.6%), enhancing corporate reputation (18.4%), and improving risk perception (23.1%). The cost-reduction effect is more pronounced in private enterprises and heavily polluting industries.