Research On The Impact Of Green Bond On Enterprise Value

As China’s economy continues to grow,green development has become an important approach to China’s economic development.The report of the 20 th CPC National Congress pointed out that it is supposed to make full use of fiscal,tax and financial instruments to promote high-quality economic development,and the green bond is a significant tool of green finance to promote green development.Since the issuance of green bonds in China in 2015,the issuance scale has been increasing year by year,especially after the announcement of carbon neutrality target in 2021,a large number of non-financial enterprises have started to issue green bonds.This paper studies and analyzes the relationship between green bond issuance and corporate value,combining theoretical and empirical methods.Firstly,relevant domestic and international studies are sorted out from the theoretical level,and the mechanism of the effect of green bond issuance on corporate value is analyzed.Taking market price of the company as the measure of corporate value and analyzing The market price of the company is selected to measure corporate value.It can be analyzed from two perspectives,namely the market value of stocks from a macro perspective and the net profits of enterprises from a micro perspective.Afterward,the impact of green bond issuance on the market value of stocks and the net profits of enterprises is investigated separately,so as to measure the impact of green bonds on corporate value in a more comprehensive manner.Then,A-share listed companies that issued green bonds from 2011 to2021 were selected as the research sample,and the propensity score matching model and multi-period double difference model were employed to explore the impact of green bond issuance on corporate value.Finally,the research results were summarized and relevant policy suggestions were put forward accordingly.Through the above research,the following conclusions are drawn:(1)Green bond issuance is positively correlated to net profits of enterprises significantly,indicating that green bonds are conducive to the improvement of net profit and corporate profitability,which contributes to increasing corporate value.(2)There is a significantly positive relationship between the issuance of green bonds and Tobin’s Q,indicating that the issuance of green bonds by enterprises has a positive effect on the market value of stocks,and the issuance of green bonds can indeed enhance their own value and increase economic benefits.(3)The issuance of green bonds by enterprises can expand the financing channels of enterprises,thus narrowing the financing constraint,which is conducive to the expansion of enterprises’ operations,reducing operating costs and increasing the value of enterprises.(4)The intermediary effect of enterprises’ green innovation performance is significant.By issuing green bonds,enterprises are able to increase their green innovation capacity and realize green transformation,thus increasing their corporate value.Based on this,this paper draws the following policy insights.Firstly,the issuance system should be improved to enhance the transparency of the use of funds;Secondly,preferential policies should be introduced to stimulate the enthusiasm of enterprises;Thirdly,market guidance should be strengthened to cultivate green bond investors;Fourthly,the structure of issuing entities should be able to support the development of private enterprises;At last,a green corporate culture should be established to promote the green transformation of enterprises.