Study On The Influence Mechanism Of Green Bond Issuance On Corporate Performance

With the increasing prominence of climate issues,green transformation has become one of the main themes of The Times.As the micro-practice subject of green transformation,enterprises shouldering green mission need to actively implement low-carbon strategy.As a key green financial instrument,green bonds can effectively support the development of green industry projects and help enterprises actively undertake social responsibilities.In 2016,seven ministries and commissions including the People’s Bank of China issued the Guidelines on Building a Green Finance System,which made clear the important role of green finance in capital allocation of green industry in our country,and affirmed the important position of green bonds.Since then,the scale of green bond has grown rapidly,and now it ranks second in the world.With the development of the green bond market in our country,we should pay more attention to the micro-impact of green bond on the issuing body besides paying attention to the macroscopicity.Specifically,the research should focus on the multi-dimensional impact of green bonds on corporate performance,and explore its impact path in depth.Taking the green bond issued by solar energy(000591)in 2019 as a case study,this paper mainly studies the impact of green bond issuance on the enterprise’s long-term financial performance,short-term market performance,environmental and social effects.And combined with the information asymmetry theory,corporate reputation theory and stakeholder theory to explain the effect of green bond issuance on corporate performance.This paper first introduces the corporate background of solar Energy(000591),and summarizes and analyzes the basic terms,use of funds and issuing motivations of its green bonds.Secondly,this paper analyzes the financial effect and market effect of the green bond issued by solar energy(000591)through factor analysis and event study,and analyzes the environmental and social effects brought by the green bond issuance to enterprises from the aspects of energy conservation and emission reduction.Finally,the paper explains the mechanism of green bonds’ impact on corporate performance from the perspectives of corporate green reputation,environmental protection investment and corporate tax burden.This paper finds that:(1)the motivation of green bond issuance is mainly to shorten financing time,provide multi-channel financing and reduce financing cost;(2)The impact of green bond issuance on corporate performance is mainly reflected in three aspects: financial performance,market performance,environment and social effect.First of all,the issuance of green bonds can improve the profitability and short-term solvency of enterprises.Secondly,the issuance of green bonds has a positive impact on corporate stock prices in the short term.In addition,the construction of green bond projects plays an important role in energy conservation and emission reduction,bringing environmental and social benefits to enterprises.(3)Green bonds have a direct or indirect impact on corporate performance by improving their green reputation,increasing their investment in environmental protection and reducing their tax burden.According to the above conclusions,this paper believes that enterprises should pay attention to the financial risks brought by issuing green bonds while improving the disclosure of environmental information.The government should speed up the implementation of preferential tax policies for green bond enterprises,encourage more private enterprises to participate in the issuance of green bonds,and strengthen supervision to further improve the construction of green bond market.The main contribution of this paper is as follows: on the one hand,it provides reference for domestic enterprises to issue green bonds,so as to avoid possible problems and risks in the issuing process.On the other hand,this paper uses case study method to discuss the effect and mechanism of green bonds issued by enterprises,further enriching the research content of green bonds issued by enterprises.It helps enterprises improve their financial and market performance,social and environmental governance,and encourages enterprises to fully fulfill their obligations of sustainable development.