Linkage Between Issuing Green Bonds And Enterprise Value

Since the beginning of reform and opening up,China’s economic development has achieved a new leap forward.At the same time,the problem between the environment and the economy has become more prominent in the process of socio-economic development.At present,China’s economy is in a stage of transformation and is advancing towards the goal of high-quality development.High-quality development refers to the development that can meet the people’s current growing needs for a better life,is the development that embodies the new development concept,and is reflected in the sustainability of the environment,so as to provide people with high-quality ecological products and build a beautiful living environment.In this context,taking the road of green development has become the best choice at present.Firstly,the change of stock price before and after the issuance of green bonds by listed enterprises is explored,and the changes in the market value of listed companies can be judged through the change trend of stock prices,that is,the changes in corporate value,and the three role channels of the impact of green bonds on the stock prices of listed companies are analyzed.Taking the bonds issued in the past six years as a sample,the event research method,the tendency score matching method and the double difference method of inconsistent time point policies were used as a sample for empirical analysis.The main conclusions drawn through the study are:First,the issuance of green bonds has a positive impact on the company’s stock price,which helps to enhance the value of the enterprise;second,the coupon rate and maturity yield of the green bond are significantly lower than that of ordinary bonds,which indirectly increases the value of the enterprise;third,the turnover rate of the stock is greatly increased,which increases the demand for stocks;after the issuance of green bonds,the institutional investor shareholding ratio of listed companies has increased,on the one hand,the company’s stock price has risen.On the other hand,increased participation by institutional investors has helped to stabilize corporate regulation and governance.The research conclusion of this paper puts forward the following suggestions:Green bond investors play an important role in promoting the development of green bond market,cultivating green bond investors and improving their environmental awareness is conducive to the stable growth of green bond market;Targeted incentive policies should be adopted for different types of green bond participants.For example,different regulatory systems and incentive policies should be adopted for green bond issuers,bond underwriters and rating agencies to maximize the role of each participant.Strict censorship green bonds related to information disclosure,and promote the construction and application of data platform.China has strictly defined the information disclosure standards before and after the issuance of green bonds,but there are differences in the specific implementation of bond issuers,so strict supervision and inspection should be carried out in this aspect.On the other hand,strengthening the construction of information disclosure data platform is not only conducive to real-time supervision of supervision and management departments and self-restraint of bond issuers,but also can provide opportunities for green bond investors to understand the subject of bond issuance so as to evaluate the subject of bond issuance.