A Study On The Impact Mechanism Of Green Bonds On Corporate Performance

Sudden major epidemic situation impacts China's economic operation,and it is inevitable to seek opportunities for economic transformation and upgrading in the post-epidemic economic recovery period.The use of financial means to influence green development and performance by green bonds is an important manifestation of its promotion of the green transformation of the real economy,which is related to the endogenous driving force of green development of enterprises.The popularity of green investment concepts has made green an increasingly important corporate label for investors,and the reputation effect of green bonds has gradually emerged.Since the initial development of the green bond market relied heavily on government policy guidance,the property rights also affected the decision-making of companies to participate in the green bond market.Therefore,to explore the effect of green bonds on corporate performance,and to analyze the mechanism of green bonds on corporate performance based on the perspective of green reputation and the property rights,to focus on the actual effectiveness of micro-bond issuers participating in green bond market practice,and reveal the complex mechanism of corporate performance.It is helpful to explore the internal driving force of green development of enterprises from the perspective of economic benefits,clarify the corporate governance efficiency of green bonds,promote enterprises to establish their own good reputation,and participate effectively in the development of green bond market.The thesis conducts theoretical analysis based on stakeholder theory,social responsibility investment theory,corporate reputation theory and property rights theory.Taking companies that issued green bonds in the Shanghai Stock Exchange,Shenzhen Stock Exchange and inter-bank bond markets from 2016 to 2018 as samples,the PSM method was used to empirically test the effect of green bonds on corporate performance on the basis of endogenous control.The intermediary effect in the process of green bonds affecting corporate performance,and through group inspection to verify the moderating effect of property rights on the intermediary effect of green reputation.The study found:(1)Green bonds can help improve corporate performance.Green bonds have played a positive corporate governance effect and played an important role in promoting the green transformation and upgrading of industries.(2)Green bonds improve corporate performance by enhancing greenreputation.Green bonds can effectively reduce the internal and external information of the enterprise,which means that the company has won a good reputation,and through the green reputation,it sends a positive signal to the outside world,attracting high-quality resources for the enterprise and improving corporate performance.(3)Compared with state-owned enterprises,non-state-owned enterprises have a stronger effect of enhancing green reputation through green bonds and thus improving corporate performance.The reason may be that the definition of the property rights of state-owned enterprises is not clear enough,and the nature of state-owned property rights may make the production and operation decisions of enterprises more susceptible to national policies,leading to the green bonds in state-owned enterprises to enhance the green reputation and thus the impact of improving corporate performance.The research contribution is to expand the theoretical research framework of green bond company governance efficiency.Based on the perspective of green reputation and the Property Rights,the research on the impact mechanism of green bonds on corporate performance has been improved.The study found that providing empirical support to encourage companies to participate in the practice of green bonds is of great significance to improve the function of green bonds to serve the real economy and provide financial adjustment tools for post-epidemic economic recovery and green transformation and upgrading.