Research On The Impact Of Green Bond Issuance On Enterprise Value

The aim of "carbon neutral" provides development opportunities for the development of green finance.As an important part of green financial instruments,green bonds give consideration to both "green" and "bond" attributes,aiming to support the financing of green environmental protection projects.The popularity of the concept of socially responsible investment has also made "green" an increasingly popular corporate label for investors,and the label effect of green bonds has gradually emerged.Whether the green label can add value for enterprises affects the decision of enterprises to participate in the green bond market.Therefore,this paper explores the impact of green bond issuance on corporate value,deeply studies the impact path of green bond issuance on corporate value from three aspects of stock price effect,financing cost and financial performance,clarifies the motivation of green bond issuance and the impact mechanism of value,and excavates the new driving force of corporate green development from the financial perspective.This article is based on social responsibility investment theory,stakeholder theory and the theory of asymmetric information theory analysis,selecting 2016-June 2020 as samples,respectively select the sample data,the debt level and company level based on the double difference method for the empirical analysis and event study method.In this paper,the impact of green bond issuance on micro enterprise value is taken as the starting point,and the three dimensions of green bond and ordinary creditor’s rights,green bond issuing companies and companies without green bond issuance,as well as before and after green bond issuance are compared,so as to comprehensively understand the causal impact of green bond issuance,and expand the dynamic mechanism and influence mechanism of green bond issuance by enterprises.The results show that:(1)The listed companies that have not issued green bonds for the first time have a significant positive stock price effect after announcing the issuance of green bonds.The reason is that enterprises that issue green bonds for the first time may have problems such as insufficient information disclosure of green bonds,which may lead to the risk of "Greenwashing".(2)When only the attribute of "bond" is considered,the impact of"green" attribute on bond financing cost is studied.The results show that the financing cost of green bond has no advantage compared with that of ordinary bond.However,the financing cost of green bonds is lower than that of ordinary bonds after the influence of macro-policy changes is taken into account,which indicates that the financing cost of green bonds in China is greatly affected by policies at the present stage.(3)The financing cost of green bonds issued by state-owned enterprises is lower than that of non-state-owned enterprises.(4)The financing cost of green bonds issued by ESG certified companies is higher than that of non-ESG certified companies.The reason may be that green bond issuane by ESG-certified companies would benefit less from the "green label" effect than by companies with no ESG background.(5)Green bond issuance can significantly improve the financial performance of enterprises.For enterprises in manufacturing and central and western regions,the value enhancement effect of green bond issuance is more significant.However,for the five provinces in the pilot zone of green financial reform and innovation,the effect of value enhancement is not significant,indicating that the financing parties have no obvious tendency to issue green bonds and ordinary creditor’s rights,and the pilot zone has not released more substantial and effective incentive policies.According to the above study found that the problem,this article from regulators and financiers and investors as well as third-party certification certification body four angles proposed targeted policy Suggestions as follows:one is that regulators need to strengthen the green investment policy guidance,promote environmental externalities in biochemical;Second,financing parties should actively participate in the green bond market and improve the level of green information disclosure;Third,guide investors to invest in socially responsible investments and expand the investment base of green bonds.Fourth,enhance the professional level of third-party certification bodies and standardize the green certification evaluation business.Through the research of this paper,it is helpful to further understand the motivation and economic consequences of green bond issuance by enterprises,and systematically and comprehensively understand the influence mechanism of green bond issuance on micro issuers,so as to promote the sustainable development of enterprises and enhance the value of enterprises.It is helpful for regulators,financiers,investors and green finance certification agencies to better understand the green bond market,which is of great significance to the relevant decisions of green bonds in China.It is conducive to promoting the development of green finance,so as to provide high-quality financial support for achieving the goal of"carbon neutral" and sustainable economic development.