Study On The Impact Of Issuing Green Bonds On Enterprise Value

With the rapid growth of our economy,environmental problems are more prominent,and environmental protection and management are paid more and more attention.Our country has introduced various policies in succession to support environmental protection,advocated the idea of sustainable development and vigorously developed the green economy.Financial industry,as a pillar industry promoting national economy growth,actively seeks new direction for our country to realize the green development pattern.Green bonds,as an innovative tool of green finance,assume the dual responsibilities of financing and environmental protection.Green bonds have become the focus of attention since they first came into people’s view in 2016,and have widely influenced the development of the bond market.Based on previous studies,this paper studies the impact of green bonds issued by listed companies on corporate value through the analysis of stakeholder theory,corporate social responsibility theory,corporate reputation theory and sustainable development theory,taking A-share non-financial enterprises as samples.Based on the daily stock returns and financial data of listed companies from January 1,2016 to September 30,2022,the event study method and multi-time point differential model are used to study the stock price effect and enterprise value changes after green bonds issued by listed companies.The research results are as follows:(1)After the announcement of green bonds,the cumulative abnormal return of stocks of listed companies rose,indicating that the issuance of green bonds had a positive impact on the company’s stock price.(2)Green bonds issued by listed companies can also improve corporate value to a certain extent,and financing cost and tax rate have an intermediary effect in the influencing mechanism.(3)Further research shows that,compared with central enterprises,green bonds issued by local state-owned enterprises,private enterprises and others have a more significant impact on enterprise value;Compared with manufacturing,electric power and water conservancy,green bonds issued by construction,wholesale and retail,and extractive industries have a more significant impact on enterprise value.Based on the empirical analysis,different opinions are given from the perspectives of government,enterprises and investors.First,the government should unify the certification standards of green bonds as soon as possible,introduce relevant preferential policies and improve the information disclosure mechanism.Second,enterprises should actively issue green bonds,develop green projects,and proactively disclose the flow of funds.Finally,investors should invest rationally,strengthen their own green investment concept,enhance the recognition of green bonds,and take the initiative to assume social responsibilities.This research enricfies the research in the field of green finance in our country,increases the degree of social recognition of green bonds,and plays a positive guiding role in encouraging relevant enterprises in our country to issue green bonds.