Research On The Impact Of Issuing Green Bonds On Enterprise Value

Against the background of structural imbalance in economic development,my country needs to concentrate on realizing high-quality economic transformation and green and sustainable economic development.High-quality economic transformation is inseparable from the development of enterprises.The bond market is constantly improving and perfecting.Based on this,it is of great significance to study and issue green bonds for the value of bond-issuing companies.This paper sorts out and researches the development of the green bond market.The definition of green bonds and related regulations are constantly improving and maturing.The green bond market in my country is growing rapidly.This paper uses the panel data of listed non-financial companies in my country from 2014 to 2020.Taking the issuance of green bonds as the independent variable and the enterprise value as the dependent variable,the enterprise value is represented by the Tobin Q value and the enterprise market value respectively,and a multi-time point double difference model is constructed,and the enterprise debt financing cost and financing constraints are used as the intermediary variables.The enterprise’s own characteristics are moderating variables to further study the effect of green bond issuance on the value processing effect of the bond-issuing enterprise,and summarize the research conclusions and put forward relevant suggestions on the basis of the above research.The research conclusions are as follows: First,the issuance of green bonds can significantly increase the Tobin Q of enterprises and the market value of enterprises,and the processing effect lasts until about 2-3 years after the issuance of green bonds.Second,for polluting industries,eastern regions,non-state-owned enterprises,and small and medium-sized enterprises,the issuance of green bonds has a more significant effect on the value of the issuing enterprise.Third,the cost of debt financing plays a partial intermediary effect in the processing effect of the issuance of green bonds on the Tobin Q of enterprises,and the intermediary effect accounts for1.54% of the total effect,and plays a role in the processing effect of the issuance of green bonds on the market value of enterprises Partial intermediary effect,the proportion of intermediary effect to the total effect is 1.56%,financing constraints play a complete intermediary effect in the processing effect of green bond issuance on enterprise value.