Research On The Impact Of Green Bond Issuance On Financial Performance Of Chinese Listed Companies

In the backdrop of unprecedented changes and the “dual-carbon” goal,enterprises are facing huge challenges and shouldering the green mission of promoting low-carbon transition.Modern enterprises need to implement low-carbon strategies,and enhance their core competitiveness.As one of the main components of green finance,green bonds can effectively support climate change investment projects and contribute to the sustainable development of society.Since 2016,China’s green corporate bond market has been booming,and the scale of green bonds have grown rapidly.Now that the green bond market has entered a stable period bit by bit,more attention should be paid to the quality of green bond development and the micro-impact on issuing companies.Therefore,studying the impact of green bond issuance on enterprises is the micro focus for evaluating the effect of green financial policy implementation,which is the focal issue in the supply of green funds.At the same time,can enterprises effectively use green bonds to improve their financial status? Do green bonds have the different effect on enterprises with different ownerships? How does green bonds improve the financial performance of enterprises? These are the issues that we need to focus on.In order to explore the internal influence mechanism,this paper uses A-share non-financial listed companies as the research object,and takes 2013-2020 as the statistics interval.According to whether the company has issued green bonds,it is divided into experimental group and control group,use factor analysis method to construct comprehensive index to measure corporate financial performance,and use the PSM-DID model to evaluate the impact of initial green bond issue on corporate financial performance.On the basis of the results of the PSM-DID model,this paper examines the mechanism of green bonds’ impact,and deeply analyzes the intermediary effect of corporate green reputation and corporate tax burden.Finally,robust empirical results are obtained.The main conclusions of this paper are as follows: First,initial green bond issue has significantly ameliorated the financial performance,and the effect is long-lasting.Second,green bonds issue by state-owned enterprises has a more obvious effect on improving financial performance than private enterprises.Third,issuing green bonds can level up their corporate financial performance by enhancing corporate green reputation.Fourth,issuing green bonds relieves the actual tax payment pressure of enterprises and effectively level up their financial performance.According to the findings of this paper,the following policy recommendations are put forward for the development of green bonds: First,it is necessary to guide enterprises to actively participate in the green bond market.Second,government should implement diversified incentive policies for green bonds.Third,it is necessary to give more convenient issuance conditions and more favorable policies to private,foreign and mixed-ownership enterprises.Fourth,it is necessary to cultivate investors’ socially responsible investment concept.