The Influence Of Issuing Green Bonds On The Operating Efficiency Of Listed Companies

Green bonds are securities in the bond market in accordance with the law and agreed to repay the principal and interest.Its existence is to support green industry projects.Unlike ordinary bonds,it is a direct financing method from the bond market.This money is invested in green industries such as protecting the environment,reducing energy emissions and developing new clean energy.It has stricter information disclosure and special use of financing funds.,Low financing costs and other advantages.Especially in the medium and long term,it is a supplement to improve China’s green financial system.The green financing is used reasonably to invest in green projects that really need financing.This will greatly improve our country’s industrial structure and promote industrial structure transformation.Accelerate the construction of ecological civilization proposed by the 18th National Congress of the Communist Party of China,and truly achieve sustainable economic development.With the transformation of the country’s economic structure,companies are strongly encouraged to finance green bonds.After obtaining green funds,can the companies make good use of the funds,improve the operating environment of the company,and develop in a direction that is conducive to improving the operating efficiency of the company.At present,the research in the field of green finance is focused on qualitative discussions on the impact,status,and trends of green bonds and the impact of green credit on bank operating efficiency.As for the study of the impact of green bond financing on business efficiency,quantitative research in this area is still insufficient.Therefore,the results of this study not only improve this aspect,but also provide strong support for the feasibility of green bond financing policies.First of all,this paper sorts out the theoretical basis of enterprise efficiency and the domestic and foreign research literature on enterprise efficiency,to understand the current academic research direction and the latest methods in this area.By comparing several mainstream enterprise efficiency research methods,the enterprise efficiency model is determined,that is the data envelope analysis(DEA)includes the BCC model,CCR model and DEA Malmquist model.Select the financial data of 19 listed companies in 2013-2018 and the scale of green bonds.Select input indicators:net assets,operating costs,cash flow outflow,long-term liabilities.Output indicators:net profit,operating income,cash flow inflow,long-term assets.First of all,the changes of the average comprehensive technical efficiency,average scale efficiency,average pure technical efficiency and average Malmquist index of the 19 listed companies in 2013-2018 are analyzed,and it is concluded that after 2016,various business efficiency of the enterprises has improved significantly and there is heterogeneity between state-owned enterprises and non-state-owned enterprises.After analyzing the operating efficiency,the paper puts forward the following hypotheses:there is a positive correlation between the comprehensive technical efficiency of the explained variable and the virtual variable GBE(indicating that the scale of green bonds in year t is 1 when it is greater than 0,otherwise it is 0)when it is 1;and hypothesis 2:different types of enterprises have different effects and obvious heterogeneity after financing green bonds.Through the establishment of static panel data,the use of random effect model for generalized least square estimation of parameters estimation,obtained in the explanatory variable GBE at the level of 5%significantly positive correlation level,and then separately divided the enterprises into two sample groups of state-owned enterprises and non-state-owned enterprises to compare the differences in operating efficiency of different types of enterprises,regression verification does exist heterogeneity.Finally,this paper summarizes the results of this study,and provides targeted suggestions for the future green bonds and green finance in terms of supervision,policy support,green financing tools,etc.,to solve the current problems of green bonds and other green finance.