Effect Analysis Of Green Bonds Issued By Listed Companies

Green development is becoming more and more important in national strategy.To achieve green economic transformation,we must develop green finance.As an important part of green finance,green bonds also play an important role in promoting the high-quality development of China’s economy.For companies,issuing green bonds can raise money at a lower cost,broaden their financing channels and give them a green reputation.For the macro economy of the whole country,the vigorous development of green bond market provides a solid basis for the healthy and steady development of China’s green industry,which is conducive to promoting the sustainable transformation of China’s industrial structure to green,low-carbon and high-quality development of the national economy.Starting from the connotation of green bonds,this thesis describes the development of China’s green bond market in combination with the current situation of green bond issuance and the overview of domestic green bond market innovation.The PSM method was used to empirically explore the impact of green bonds issued by listed companies on their financial performance,and the robustness test was conducted by multiple linear regression.Studies show that listed companies can improve their financial performance by issuing green bonds.Then,the green bond "G19 Tanghuan 1" issued by Datang Environment,a leading enterprise in the field of energy conservation and environmental protection in China’s electric power industry,is selected as an example to compare the indicators of solvency,profitability,operating capacity and growth capacity of Datang Environment green bond before and after issuance.The results show that the debt paying ability,profitability,operation ability and growth ability of Datang Environment have been improved after the issuance of green bonds "G19 Tanghuan 1",indicating that the issuance of green bonds can promote the financial performance of enterprises.At the same time,the issue of "G19 Tanghuan 1" was used to analyze the impact on the stock price performance of Datang Environment.The results showed that the issue of green bonds had a positive impact on the company’s stock price performance,although the impact was weak and lasted for a short time.Finally,three suggestions are put forward to make the risk of green bonds controllable,reduce the financing cost of green bonds and improve the yield of green bonds.