Research On The Impact Of Green Bond Issuance On The Company’s Stock Price

At present,China’s environmental problems are becoming more and more serious,and the economic development mode is in urgent need of green transformation.Establishing the system and mechanism to encourage green investment and resist pollution investment is the key to promoting the green transformation of China’s economic development model.Green bond is an important part of green finance.China’s efforts to develop the green bond market,from a micro perspective,broaden the financing channels of enterprises involved in green projects to a certain extent,and relieve the pressure of enterprise capital chain fracture;From a macroscopic point of view,it is an important measure for China to transform the concept of economic development and build an ecological country.However,due to the late development of China’s green bond market and the immature market system,enterprises and investors have insufficient awareness of projects involving green ecological concepts,and lack of interest and motivation to issue and invest in green bonds.Therefore,it is of certain theoretical and practical significance to analyze the impact of green bond issuance on company stock price through empirical research in this paper.Taking the listed companies that issued green bonds from 2016 to 2019 as the research object,this paper explores the impact of green bond issuance on the stock price of the companies.Firstly,this paper uses the event study method to empirically test the stock price effect of green bonds,and finds that the issuance of green bonds has a weak negative impact on the stock price of companies.Secondly,this paper divides the green bond samples and studies the impact of green bond issuance and the basic characteristics of green bonds in different industries,properties and issuing markets on the stock price.The results show that: in terms of industry,compared with financial institutions,green bonds issued by non-financial institutions have less negative impact on the stock price,and the issuing period of green bonds issued by non-financial institutions has a significant negative impact on the stock price;In terms of corporate nature,the issuance of green bonds by non-state-owned enterprises has a significantly positive impact on stock price in a short period of time.However,when the company is state-owned,the issuance period of bonds has a significantly negative impact on stock price,and the market is more sensitive to the issuance of bonds by state-owned enterprises.In terms of issuing market,the stock price effect of green bonds issued in the Shenzhen Stock Exchange and the interbank market is negative,while the stock price effect of green bonds issued in the Shanghai Stock Exchange is positive.There is a significant positive relationship between the credit rating of green bonds issued in Shanghai Stock Exchange and the stock price.The issuing period of green bonds in the interbank market has a significant negative relationship with the stock price,while the credit rating has a significant positive relationship with the stock price.Finally,on the basis of summarizing the research conclusions,this paper puts forward relevant suggestions for promoting the healthy development of the green bond market.