The Effect Of Green Bonds On Corporate Value

As an innovative green financial product,green bond has appeared in China since 2015 and showed explosive growth in China since 2016.Although the participants in the green bond market have gradually diversified in recent years,the main issuers are still state-owned enterprises and local commercial banks,and the participation of listed enterprises is not high.This paper studies and analyzes the relationship between corporate green bond issuance and corporate value by combining theoretical demonstration and case studies.First,it summarizes relevant studies on green bond issuance and corporate performance at home and abroad from the theoretical level,and analyzes the mechanism of green bond issuance on corporate value Then,the listed companies that issued green bonds from January 2016 to December 2020 are selected as research samples,and the propensity score matching model and differential difference model are used to study the impact of green bond issuance on enterprise value Secondly,select BYD company as a case study,analyze the impact of green bond issuance on enterprise value,and put forward relevant suggestions for BYD company’s behavior of green bond issuance.Finally,the thesis summarizes the research results and puts forward relevant countermeasures and suggestions.Based on the above research,this thesis draws the following conclusions :(1)the three indicators of asset-liability ratio and asset-return ratio of enterprises have a significant positive impact on enterprises’ green bond financing decisions.Specifically,the larger the enterprise is,the easier it is to obtain green bond financing.Enterprises with higher asset-liability ratio are more likely to adopt green bond financing;Assets return rate,the higher the enterprise,strong profit ability,the more likely to win the trust,which tend to be more green green bonds issued by a(2)the enterprise bond financing has a significant positive influence on its value This paper use the PSM model,for all samples in the treatment group match year by year,and the result of the match by the balance test,eliminates samples from selection bias problem;Then,the matched sample set is used to construct the differential difference model,and the green bond financing is obtained.