정보비대칭이 탄소위험과 부채조달비용에 미치는 영향분석

In the case of high information asymmetry, managers may show a passive tendency toward carbon risk management, resulting in higher carbon risk, and this factor can be more negative on debtholders’ carbon risk assessments. Against this background, this study verified the effect of information asymmetry on carbon risk and whether information asymmetry affects the relationship between carbon risk and the cost of debt. As a result of analysis, first, companies with high information asymmetry have higher carbon risks than those with low information asymmetry. This is interpreted as the result of managers' passive responses to carbon risk management in companies with high information asymmetry. Second, it is found that if companies with high carbon risk have high information asymmetry, the increase of their debt capital cost due to carbon risk is greater. From this result I interpret that the cost of debt is increased further by imposing a higher risk premium because of debtholder’s perceived higher probability of default risk due to carbon risk. This study is the first study to verify whether information asymmetry affects carbon risk and whether information asymmetry affects the relationship between carbon risk and the cost of debt. This study suggests the need for an institutional device to reduce information asymmetry in order to facilitate capital procurement while responding to carbon regulations, and will also evoke the importance of the role of capital providers.