Research On The Impact Of Green Bond Issuance On Enterprise Value Of Chinese Listed Companies

At present,China’s economic development has shifted from high speed to high quality.High-quality development requires economic transformation and upgrading,innovation-driven development,and a shift in growth drivers from a resource-consuming economy to an environment-friendly one.Therefore,promoting green and low-carbon economic and social development has become a key link to achieve high-quality development.To develop green and low-carbon industries in a sustainable way,we need to improve the supply and guarantee of fiscal,tax,financial,investment and pricing policies and standard systems that support green development.Since China’s two-carbon goal was proposed,promoting the green transformation of economy and society has brought more specific green financing needs.With the further widening of green financing gap,green bond,as a new financing tool that takes into account the characteristics of "green" and "bond",can better use its attributes to serve the real economy,effectively alleviate the dilemma of green financing for enterprises,and promote the innovation of green technology for enterprises,which is of great significance for the realization of economic transformation and the promotion of high-quality economic development.Based on the data of green bonds issued by A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 and their related financial data,this paper takes enterprises issuing green bonds as the entry point and uses the differential propensity score matching method(PSM-DID)to explore the impact of green bond issuance on the enterprise value of Chinese listed companies,and further conducts mechanism test and heterogeneity analysis.The results show that issuing green bonds has a significant positive effect on the enterprise value of listed companies in China.In terms of transmission mechanism,the issuance of green bonds can effectively alleviate the financing constraints of enterprises,promote green technology innovation of enterprises,and achieve the purpose of increasing enterprise value and promoting sustainable development of enterprises.At the same time,considering the different characteristics of enterprises,the enhancement effect of green bonds on enterprise value shows different heterogeneity.Among them,the listed companies with a good green reputation have a more significant driving effect on their own value by issuing green bonds,because they can timely disclose the relevant information of the company in environmental protection,or obtain related honors or awards in environmental protection.At the same time,the issuance of green bonds plays a significant role in improving the enterprise value of both state-owned enterprises and non-state-owned enterprises.However,in non-state-owned enterprises,the issue of green bonds has a better effect in improving the enterprise value.Accordingly,the paper puts forward relevant suggestions that the government and enterprises should pay attention to the issuance and use of green bonds,so that green bonds can better serve the high-quality development of real economy.