An Empirical Analysis Of The Impact Of Issuing Green Bonds On The Performance Of Listed Energy Enterprises

Green and low-carbon transformation of energy is the most critical means for China to achieve the goal of carbon peak and carbon neutralization,which is inseparable from the effective support of green finance and green bonds.Since its inception in 2015,China’s green bonds have developed rapidly,the standards and regulatory system have been continuously improved,the issuance scale of green bonds has rapidly expanded to the second in the world,and supporting policies have been issued one after another,which has become one of the important factors that can not be ignored in China’s green and low-carbon energy transformation and enterprises’competitive advantage.Does the issuance of green bonds promote the development and performance of listed energy companies?Through what factors do green bonds affect the performance of listed energy enterprises?What is the underlying mechanism?At present,there are few theoretical researches and empirical researches are almost blank.This paper attempts to regard green bond issuance by listed energy enterprises as A quasi-natural experiment.Taking a-share listed energy enterprises in Shanghai and Shenzhen from 2015 to 2020 as samples,the effect and mechanism of green bond issuance on the performance of listed energy enterprises are studied by using Differences-in-Differences method(DID)and stepwise regression method.Through theoretical and empirical research,it is found that issuing green bonds has a positive impact and obvious improvement on the performance of listed energy enterprises;From the perspective of impact mechanism,issuing green bonds is conducive to improving the green reputation of listed energy enterprises and investor enthusiasm,reducing enterprise financing costs,alleviating the problems of difficult and expensive financing of energy enterprises,and then promoting the improvement of performance.From the perspective of the performance of listed energy enterprises,this paper provides new evidence for testing the effect of the policy of issuing green bonds,and puts forward policy suggestions for further promoting the development of green bonds and encouraging and guiding enterprises to issue green bonds.