Research On The Peer Effect About Enterprises Issuing Green Bonds In China

At present,climate change is forcing the green transformation of economic structure,and exploring low-carbon and environment-friendly economic development model has become the focus of global attention.In this context,green bonds have the dual attributes of "green" and "bonds".They can raise funds for green and low-carbon projects through the bond market,mitigate climate change,reduce environmental pollution and environmental benefits,thus helping to adjust and optimize the economic structure and change the green development mode.In theory,enterprises should reasonably choose whether to enter the green bond market and which types of green bonds to issue based on their business development direction and green preferences.However,in reality,there has been an abnormal situation in which enterprises within specific groups have concentrated on issuing green bonds.Based on the above background,this paper selects A-share listed companies from2016 to 2021 as a sample to test the conglomeration effect of green bonds issued by enterprises and its impact mechanism.The research finds that: Companies In order to reduce the uncertainty of their decision-making,there is the phenomenon of imitation learning in the industry,so that their own decision-making is consistent with that of enterprises in the same industry,which leads to the industry conglomeration effect of listed companies issuing green bonds.The generation of Peer Effect is based on social learning theory.Enterprises in the same industry observe the green bond issuing enterprises as the demonstrators,and through the consequences of issuing green bonds,that is,improving enterprise value and reducing financing costs,learn to imitate the financing behavior of issuing green bonds,and finally achieve the industry conglomeration effect.Relatively speaking,the conglomeration effect is more obvious in industries with strong uncertainty and rapid growth,and in enterprises with long issuance period of green bonds and strong management ability.Based on this analysis,the Peer Effect of issuing green bonds by enterprises has resulted in factors such as increasing effective channels for obtaining information and reducing the cost of obtaining information;Promote the promotion and application of green bonds;The positive impact of promoting the popularization of green concepts has also resulted in obstacles such as hindering the long-term development of irrational enterprises;The negative impact of increasing the probability of enterprises using green bonds to "green washing".The possible contributions of this paper are mainly reflected in the following aspects: First,expand the scope of research related to homogroup effect.The existing literature on corporate Peer Effects mainly focuses on the fields of executive characteristics,corporate behavior and corporate organization.This study provides a research perspective on green behavior of enterprises.Second,the research on the issuance of green bonds by enterprises is "upstream" extended.The existing research in this field mainly focuses on the institutional design,implementation status and issuance consequences of green bonds,that is,"downstream" research,while ignoring the research that affects the issuance of green bonds by enterprises.