The Impact Of Green Bond Issuance On Enterprise Value

Facing such problems as climate change and environment pollution,green development and sustainable development are regarded as one of the important national development strategies.The carbon emission of the power industry is in the front of every industry in our country.It is of great significance to actively promote the power enterprise to develop clean energy to improve our climate environment.Green bond,as a new financing tool,has the characteristics of green property,low financing cost and flexible maturity,which is more in line with the financing needs of electric power enterprises.This thesis selects a total of 27 enterprise-level quarterly panel data from the observation interval of listed companies in the electric power industry from January 1,2016 to September 30,2022,and empirically analyzes the impact of green bonds issued by listed companies in the electric power industry on the value of issuing subjects by using event study method and differential model.With bankruptcy risk and media attention as intermediary variables,and from the perspective of heterogeneity,such as enterprise size,enterprise registration location and national green finance policy area,the impact of green bond issuance on the value of issuing subj ect is further analyzed.Then take Huaneng International Power Co.,Ltd.as a case to analyze the impact of issuing green bonds on its value.The main conclusions of this thesis are as follows:First,green bonds issued by listed companies in the power industry can significantly improve enterprise value.Second,the issuance of green bonds by listed companies in the power industry can reduce the risk of corporate bankruptcy and increase media attention,thus enhancing corporate value.Third,the effect of green bonds issued by listed companies in the power industry on the enhancement of enterprise value varies with the heterogeneity of enterprises.Enterprises with smaller scale are better than those with large scale,and enterprises in areas with national green finance policies are better than those with non-national green finance policies.Enterprises registered in the central region are better than those registered in the eastern,northeastern and western regions.Fourthly,the issuance of green bonds by Huaneng International Power Co.,Ltd.can improve the enterprise value by reducing its bankruptcy risk and increasing media attention.