This study investigated the private sectors in China, in addition to financial information and the non-financial information (for example: a board member and corporate environmental information transparency background), which will affect the debt financing costs. During the study period of year 2008 to 2011, Shenzhen and Shanghai Stock Exchange in China have issued corporate social responsibility (CSR) report listed A shares of private companies as a sample, which are adopted bytwo-stage least squares regression analysis method. The results show that in China, the larger the company, the higher the environmental impact of the company, as well as higher government ownership of business. These would reveal more environmental information. However, the higher the proportion of independent directors of the enterprise and the director with professional education degree, the higher the level of environmental information, which will expose the higher debt ratio. This will not reduce the cost of capital.
If the board members have good political and business relations, it will reduce the cost of capital rate debt, but it is not significant. Moreover, revenue growth and good ability of solvency will significantly reduce the company’s debt financing costs. The policy of China''s “11th five” encourages enterprises towards economic development, and the bank executes the implementation of “green credit”. The past few studies investigated the background of corporate decision-making group and independence, even they affect the environment, transparency of information, and other non-financial information on corporate debt financing. The contribution of this study is published in the China CSR Report---the amount of private non-financial enterprises information cannot effectively lower the cost of debt financing for businesses, with non-financial information. It’s worthy to follow up and discuss the usefulness of decision for corporate debt financing decision.