Research On The Spillover Effect And Mechanism Of Green Bond Issuance

Working together to cope with climate has become a major political consensus in today’s global economy and society,and China put forward the "dual carbon" goal in2020,which has been used as the strategic direction of the country’s "14th Five-Year Plan" period and even the long-term low-carbon economic transformation and development in the future,therefore,China has included the "dual carbon" goal in the overall layout of national ecological civilization construction.In order to alleviate climate warming,the world proposes to vigorously promote the development of green industries and improve the policy incentive mechanism of the green financial market.As a relatively long-term stable high-quality investment and financing tool,green bonds have the characteristics of traditional bonds and green signals,which help reduce the risk of maturity mismatch and are an important financial means to raise funds needed to achieve climate change mitigation and green development goals.Therefore,the issuance of green bonds has aroused the special attention of investors and other economic entities on risks and returns,and the research and analysis of the industry spillover effect and mechanism of corporate green bond issuance have important theoretical reference and practical guiding significance for green bond market supervision,early warning and investor risk management.Looking at the existing data,the analysis and research of green bonds by domestic scholars is still in the stage of fragmented exploration,mostly descriptive and normative research,mainly from the two perspectives of green bond issuance pricing and economic consequences,but rarely from the perspective of whether the information conveyed by the issuance of green bonds by enterprises can affect other enterprises in the same industry,so this paper studies the mediating effect of green bonds and green behavior in the industry spillover effect based on the imitation learning theory of the same industry effect.From the perspectives of enterprise nature and industry status,the heterogeneity of spillover effects produced by different companies is studied,and the research on green bond issuance results is further improved.Based on this,we selected 9996 corporate bonds issued in the Chinese market from 2011 to 2021 to conduct an empirical study on the impact and mechanism of green bond issuance on the bond financing cost,environmental performance and financial performance of other enterprises in the same industry.The study finally concludes that(1)The issuance of green bonds by enterprises will significantly reduce the bond financing costs of other enterprises in the same industry,improve the environmental performance and financial performance of other enterprises in the same industry,and after a series of robustness tests such as the propensity score matching method and the generalized exact matching method,the control group and the instrumental variable method are rematched,it is still proved that China’s green bond issuance will significantly reduce the bond financing cost of other enterprises in the same industry;(2)The spillover effect of the same industry is mainly due to the peer effect of imitative learning among the same industry,which makes the green signal transmitted among industries after enterprises issue green bonds,improves the probability of other enterprises in the same industry to issue green bonds,and promotes enterprises in the same industry to take more green actions to protect the environment.Specifically,other enterprises in the same industry will issue green bonds,reduce environmental penalties Developing environmentally friendly products and green innovation to reduce bond financing costs;(3)The heterogeneity test of enterprises with different enterprise nature and industry status found that the spillover effect of green bond issuance industry will be stronger for eco-friendly enterprises,industry leading enterprises and closely competitive enterprises.By studying and clarifying the industry spillover effect and mechanism of green bond issuance,it will help the regulatory authorities to further improve the information disclosure mechanism of the green bond market,change the detection and management methods of polluting industries,and promote the establishment of eco-friendly enterprises,so as to maintain the stability of the green bond market and help China achieve the goal of "carbon peak and carbon neutrality".