The Impact Of Green Bonds On Corporate Value

As a natural phenomenon,global warming brings domino effect which seriously threatens the global economic stability and financial stability.As a representative of developing countries,China has been taking the initiative to assume international responsibility in line with national conditions,demonstrating the responsibility of great powers,emphasizing the concept of a community of shared future for mankind and playing an important role in promoting international multilateral cooperation and helping other developing countries to reduce emissions.On September 22,2020,President Xi Jinping made further commitments at the 75 th United Nations General Assembly to peak carbon dioxide emissions by 2030 and net zero carbon emissions by 2060.However,China’s greenhouse gas emissions have been the world’s largest since 2005,accounting for more than a quarter of the world’s emissions2,and it is difficult to complete the task of reducing emissions within a given time.With the formulation of the ’30.60 target’,the state pays more and more attention to the development of green industry,emphasizing the change of the original mode of resource allocation and production,promoting the transformation and upgrading of the overall green industry,and ushering in a new round of green economic development opportunities.Green development strategy needs the support of green finance.Although China ’ s green financial market has developed rapidly in recent years,it is still in its infancy,and relies too much on government and bank funds,which has a certain distance from the mature and stable green financial market.Can green bonds,as one of the main green financial instruments,meet the financing needs of green projects and solve corporate financing constraints? As a green bond market that provides direct financing for green enterprises and strengthens diversified financing channels,how can it truly serve the development of green industry,promote the industrial transformation of ‘two highs and one surplus’,and thus form a virtuous cycle of green finance and green development? Based on the above facts,this paper studies whether green bonds can alleviate the financing constraints of enterprises,make up for the huge gap in the demand for green funds,and form a virtuous circle of green finance and green development by improving the value of enterprises.It is not only beneficial to clarify the mechanism of green financial services in the green economy and enrich the theory of green finance,but also beneficial to promote the healthy development of China’ s green bond market and better serve the green transformation of China’ s economy.On the basis of elaborating the significance of the topic,this paper reviews the relevant literature from three perspectives,and clarifies the innovation points and shortcomings of the paper by combining research methods and research contents.Secondly,combined with the capital structure theory,this paper constructs a theoretical analysis framework for the direct and indirect channels of green bonds affecting corporate value,and puts forward three research hypotheses.Again,clarify the current issuance policy and market development status of green bonds,verify the practical significance of theoretical analysis;finally,this paper uses the mixed cross-sectional data of all 40 listed companies issuing green corporate bonds from2016 to 2021 to construct the mediating effect model to verify the hypothesis proposed in this paper.The conclusions of this paper are as follows:（1）There is a positive correlation between the issuance of green bonds and corporate value,and the greater the proportion of green bond financing in total bonds is,the greater the improvement of corporate value is.The analysis of the direct impact channels in this paper shows that the issuance of green bonds has a positive market response,which can effectively improve the value of the company,and is a powerful means to bring about the inclination of the company’ s business decisions,providing strong support for green finance to promote the positive cycle of the green economy.（2）The impact of green bond issuance on corporate value has a time superposition effect,and it will still significantly increase corporate value in the second year after bond issuance.This shows that green bonds have long-term effectiveness in green industries requiring long-term investment.（3）Green bonds will indirectly increase corporate value by easing financing constraints.Especially companies facing high financing constraints,the positive transmission effect is more obvious.