Research On The Impact Of Green Bonds On The Performance Of Chinese Listed Companies

With the advancement of urbanization and industrialization,the environmental costs behind economic growth have gradually emerged.In the face of severe climate and environmental issues,China has actively implemented the green development strategy,deeply promoted green financial innovation,and provided momentum for the transformation of my country's economic development mode and the optimization of its economic structure.As a component of green finance,green bonds have unique advantages.On the one hand,they provide enterprises with new financing channels,and on the other hand,they promote the development of environmental protection in my country.At the current stage,companies use this new financing method to raise funds,and there is controversy over the impact of their own business performance.This has a negative impact on the enthusiasm of companies to issue green bonds and the implementation of national sustainable development strategies.Therefore,research on the impact of green bonds on corporate performance It is particularly important and urgent to tap the internal driving force of the green development of enterprises.my country's green bond market started late,so this article selects the data of Shanghai and Shenzhen A-share listed companies from 2016 to 2019,uses a fixed-effect model to study the impact of green bonds on the financial performance and market performance of companies,and uses the intermediary effect model to Financing costs and investor sentiment are used as intermediary variables to study the internal mechanism of the impact of green bonds on corporate financial performance and market performance.Then use the dynamic panel model to study whether there may be endogenous problems in the model that will affect the empirical conclusions of this article,and finally use the PSM method for robustness analysis.Research shows that:First,the issuance of green bonds has a significant positive impact on the financial performance of companies,and the issuance of green bonds by companies can improve their financial performance.Second,the issuance of green bonds has a significant positive impact on the market performance of companies,and the issuance of green bonds by companies can improve their market performance.Third,green bonds can affect financial performance through the intermediary variable of financing cost.The disclosure of corporate environmental information can effectively alleviate information asymmetry and send positive signals to the market,thereby increasing market attention and reducing investor risk expectations.In addition,it can also enjoy government subsidies and preferential policies,thereby reducing corporate financing costs and improving corporate financial performance.Fourth,green bonds can affect corporate market performance through the mediating variable of investor sentiment.Green bonds have green attributes,which make the company's stocks attract the attention of responsible investors.In addition,the company's initiative to assume social responsibility can demonstrate its own strength,gain recognition in the stock market and increase investor expectations,thereby improving corporate market performance.Based on the above conclusions,this article puts forward relevant suggestions from the three perspectives of the government,enterprises,and investors.It is hoped that all parties will have a clearer understanding of green bonds,so that they can take positive actions to promote their healthy development and make them more effective in my country's economic development.Play a better effect in the transformation process.