Research On The Impact Of Issuing Green Bonds On Corporate Financial Performance

Climate change and human life are more and more closely related.To this end,many countries are making efforts.As a big country that actively undertakes social responsibilities,our country has also actively introduced a series of measures to deal with climate change.Against this background,green finance emerged as the times require.As an indispensable part of the green financial market,green bonds play an important role in promoting green development.For micro-enterprises,the issuance of green bonds is an important financing channel.It has a pivotal position for the future development of green bonds to achieve a win-win situation between environmental benefits and corporate benefits.The aim of this paper is to research whether the green bonds can improve corporate financial performance,and to analyze its impact mechanism in depth.In the selection of research methods,comprehensive use of literature analysis,theoretical analysis and empirical analysis,based on extensive review of existing literature,orderly financing theory and corporate reputation theory,propose three research hypotheses in this paper.The research hypothesis is that the issuance of green bonds can significantly enhance the financial performance of companies.There is a positive relationship between the issuance size of green bonds and financial performance,and this relationship has a timeaccumulating effect.In this process,financing costs play an intermediary role.In the empirical analysis part,this paper takes 260 companies that issued green bonds in the Shanghai,Shenzhen and inter-bank markets from 2016 to 2021 as the research sample,and uses the propensity score matching method to match green bonds with ordinary bonds.The total research sample is obtained by 1:3 with replacement and nearest neighbor matching,and logit regression is used to verify Hypothesis 1,and then the ratio of green bond issuance scale to total debt is used as an independent variable to perform linear regression to verify Hypothesis 2,and then use stepwise regression to test whether financing costs play an intermediary effect between the issuance of green bonds and corporate financial performance,and to test hypothesis 3.After empirical analysis,the assumptions are all confirmed.This paper also conducts robustness tests,including the replacement model method,the supplementary variable method,and the bootstrap method to test the mediation effect.The conclusion proves again that the hypothesis is true.The innovation of the article is to explore the impact of issuing green bonds on corporate financial performance from the perspective of financing constraints.At present,most of the research on green bonds theoretically,such as the contrast of Chinese and foreign green bond certification standards,the evaluation and certification system,and the exploration of third-party certification issues.In terms of intermediary effect research,existing studies have mainly studied the influence of green bonds on the value of listed companies from the perspectives of investor sentiment and tax rate.Few articles have explored the role of financing constraints in improving the financial performance of nonlisted companies.This article explores the influence of green bond issuance on financial performance in both listed and unlisted companies,and complements the empirical research on green bonds.This article includes 10 figures,16 tables,and 151 references.