The Study Of Price Effect On The Green-Credit Product Released By EPFIs

With full access to the2012，China must begin to undertake emission reductiontask as the one of the States in the appendix of "Kyoto Protocol". In addition, theecological environment deterioration has gradually become the bottleneck of China’seconomic development which previously is based on extensive economicdevelopment coupled with so excessive and inefficient use of resources that ourenergy consumption higher than some developed countries’ per unit. Faced with sucha situation, our development of low-carbon economy is an inevitable trend.From the standpoint of targets, the development of green credit is an importantmeans for the development of low-carbon economy. When the banks benefited fromin developed countries have been joined Equator Bank and released the green creditproducts, access to environmental and economic interests, China’s Green Credit hasjust started, and the banks of the green credit products is still in gestation, still unableto advance China’s green credit further development. Therefore, at this stage, thestudy has very important practical and theoretical significance of experience in theimplementation and effects of green foreign credit.In this paper, that the normative analysis and positive analysis, research oncommercial banks to issue the stock price effect of the green credit products.Chapter1is the introduction to explain the research background and significanceof the research ideas of this article, the article structure and innovation.Chapter2is an overview of the research and theory of the green credit under theEquator Principles from a broad perspective firstly. And then, the green creditproducts are summarized to seek the development of the main driving factors andpotential demands.Chapter3involved the event study methodology. The abnormal returns areindicators to measure the changes in stock prices and to investigate the effect of equatorial green bank credit issued stock from the perspective of quantitative analysis.Empirical research conducted in two parts. In the first part, green credit issued of thesample overall are mainly investigated, pointed out that the green credit productsissued in the event announcement day stock price effect, a significantly negativestock price effect in the event window. This "insider information" most of the greencredit product release will make disclosure of information prior to the announcement,the value of the company is expected to be affected investors in advance of thetransaction. The second part classify the sample overall on the basis of the first part,that the stock price effect of the green issue of credit products and issued the greencredit to product categories. And the green project financing can give the bank ahigher positive abnormal returns. Moreover, it must be said that you can see theprocess of inspection and product release of the green credit really short period oftime to produce a positive impact on stock prices of the issuing company.Chapter4analyze the best practices and lessons learned of in the internationalmainstream green credit products, combined with the empirical results to explore thedevelopment path of China’s green bank credit products, and on this basis proposed afour approach, including the development of green credit standards, cooperation withgovernment and NGO, development financing of green projects and innovative greencredit products.The last part is the conclusion of this article, summary of generality.