The Impact Of Issuing Green Bonds On Corporate Value

In the past few decades,China's economy has achieved leap-forward growth,but at the same time it has already paid considerable environmental costs.At present,China's economy has entered a new normal of economic development,characterized by slowing growth,structural optimization,and pursuit of quality.During this critical period of economic transformation,developing a green economy has become an inevitable choice.As a kind of green financing method,green bonds have the advantages of investing in green projects?low financing cost and long term.They have developed rapidly in recent years and have received extensive attention from all levels of the market.Based on the previous studies,this paper focuses on the impact of green bond issuance on corporate value,taking the market value of the enterprise as a measure of corporate value,and decomposing the market value of the enterprise into two parts: net profit and P/ E ratio.It also explores the impact of green bond issuance on corporate net profit and corporate valuation.This paper takes the green bonds issued before December 17,2018 which are in the Interest period as a sample.Through empirical analysis,it has found that the issuance of green bonds is beneficial to improving corporate net profit and corporate value,that when issuing green bonds,enterprises should give priority to the coupon rate as a reference indicator in the selection of coupon rates and maturities of green bonds,that large-scale enterprises with more than 1000 and less than or equal to 10000 employees should pay more attention to the issuance of green bonds and that private enterprises should pay more attention to green bonds as a means of financing than state-owned enterprises.Based on the empirical research conclusions of this paper,I believe that supervision and information disclosure should be strengthened,and tax incentives matching green bonds should be introduced to solve the mismatch between current green bond risk and return.We should also issue more green bonds that match the cycle of green projects to solve the problem that the maturity of green bonds in China is shorter than that in the international market.At the same time,we should speed up the unification of green bond standards,standardize the evaluation of thirdparty institutions for green bond issuance,and train authoritative third-party evaluation agencies to solve the problem of the absence of third-party certification bodies.In addition,we should strive to raise awareness of all levels of the market on green bonds,so that they can understand the positive impacts of green bond issuance on corporate value.Last but not least,we should pay more attention to the financing of private enterprises and encourage private enterprises to participate in the issuance of green bonds.Since the domestic market of green bond is still in the emerging field,there is relatively little empirical research on the relationship between green bond issuance and corporate value.To a certain extent,the research methods and conclusions of this paper have enriched the research in this field,and may provide some reference for later scholars of this field.However,due to my limited practical level,the research process may be a little shallow,in the hope of continuous updating and improvement in the following research.