Research On The Stock Price Effect Of Carbon Neutral Bonds Issued By Electric And Heat Supply Companies ——Take HPI As An Example

In order to help achieve the dual carbon goals of "carbon peaking" and "carbon neutrality",China has launched a concept plate related to carbon neutral bonds in the financial market.Based on this background,this paper selects HPI,a representative enterprise in the electric and heat supply industry,as the research object to explore whether the issue of carbon neutral bonds has an impact on the stock price.At the same time,the stock price effect of HPI’s issuance of carbon neutral bonds is compared with the industry situation,and the difference between its stock price effect and the industry average is analyzed.This paper first introduces the theoretical basis related to carbon-neutral bonds,and expounds the mechanism and channel of the impact of carbon-neutral bond issuance on stock prices from a theoretical perspective;secondly,it introduces the current development of China’s carbon-neutral bond market.The basic situation of HPI,including the financing structure,is introduced.Fourth,the event analysis method is used to explore the stock price effect of HPI and its industry in issuing carbon neutral bonds.Finally,according to the research conclusions of the article,combined with the current development status of china’s carbon-neutral bond market,corresponding improvement suggestions are put forward.The research results of the article show that in the selected event window,HPI’s issuance of carbon neutral bonds has produced a positive stock price effect,and this event has increased shareholder wealth.The robustness test results also show that the conclusions of this paper have inertia and robustness.At the same time,the capital market has also responded positively to the issuance of carbon neutral bonds by the electric and heat supply industry.The positive feedback from investors on the issuance of carbon neutral bonds by electric and heat supply companies is mainly for the future of the company and the industry.On the one hand,this behavior conveys a responsible corporate image to the market.On the other hand,the funds raised will be used for the construction,operation and acquisition of green projects such as clean energy,clean transportation,and industrial low-carbon transformation.In the long run,these measures will bring about a reduction in energy consumption per unit of product and an increase in production efficiency.Influence,and then achieve the purpose of energy saving and income increase.However,the cumulative excess return of HPI in the same event window is lower than the industry average,indicating that the positive stock price effect obtained by HPI is smaller than the industry average for the same event of issuing carbon neutral bonds.This was caused by the under-digestion of the issue of carbon neutral bonds by HPI and the weak impact on the stock price.Whether from a single corporate perspective or from an industry perspective,the issuance of carbon neutral bonds has been recognized by the market.In order to further improve the carbon-neutral bond market,chinese financial regulatory authorities can take measures such as unifying regulatory rules and relevant market mechanisms,and encouraging the expansion of issuers,so that carbon-neutral bonds can better serve the realization of the "dual carbon goal".