The Impact Of Green Asset Securitization On Corporate Stock Prices

Since the Reform and Opening-up,China’s economy has achieved rapid development,but at the same time,the problem of environmental pollution has become increasingly prominent.At a time when the internal and external economic development situation has changed dramatically,the national development strategy has also begun to transform in depth,typically by including ecological environment construction in the development plan.Specifically in the financial market,green finance and a series of green financial products have been introduced to help transform and upgrade the green economy and create a more favorable environment for the development of companies operating in the green economy.However,these green industry-related companies often have many assets that require large investments and long payback periods,and they face problems such as scarce financing channels and high financing costs.Green asset securitization,as an innovative and targeted product,can be more effective in providing a new financing method with lower threshold and cost for companies facing financing difficulties.This paper will focus on the impact and mechanism of green asset securitization on corporate share prices of A-share listed companies in China.Firstly,in the study about the impact effect,considering the short time of green asset securitization in China,the data of A-share listed companies from 2017-2022 are selected,and the annual data of 12 listed companies issuing green asset securitization and 200 listed companies issuing non-green asset securitization are finally obtained through data processing.Using the event study method,this paper conducts an empirical study on the effect of green asset securitization on corporate share prices,the comparison of the share price effect of green asset securitization and non-green asset securitization.In addition,this paper uses the PSM-DID model to obtain quarterly data of 18 companies issuing green asset securitization and 194 companies not issuing green asset securitization by selecting the data of A-share listed companies from 2017 to2021,and analyzes the mechanism of the effect of green asset securitization on share price using corporate performance as the mechanism variable in order to enhance the credibility of the conclusions and policy recommendations of the paper.It is found that the stock price effects of green asset securitization products issued by listed companies in China are as follows: the announcements of green asset securitization made by listed companies bring significant positive effects to the issuers.As a comparison,the share price effect of non-green asset securitization on issuing companies is significantly negative and inferior to green asset securitization;In addition,the PSM-DID model finds a significant positive effect of green asset securitization on corporate performance,which in turn has a positive effect on stock prices.By analyzing the research results,this paper argues that from the government regulator,it should strengthen the construction of regulatory measures and strict information disclosure system,start from the green asset securitization market environment to ensure a reasonable and fair visibility of the environment,and provide a series of policy support for green enterprises and green projects in the process of green asset securitization in compliance with the regulations;it is suggested that investors pay more attention and reasonably use the green asset securitization stock price effect to support the development of green asset securitization market.