| Green bonds have increasingly become an important financing tool in China and even the international capital market.Therefore,what economic effects the issuance of green bonds will bring to their issuers is increasingly becoming the object of study by scholars.Focusing on this,this thesis selects listed companies that issued green bonds from January 1,2016 to December 31,2021 as samples,and uses event analysis and difference method to study the stock price effect,cost effect and green technology innovation effect of listed companies after issuing green bonds.First,we find that green bond issuance by listed companies has a significant positive stock price effect on the whole.The reason is that listed companies issuing green bonds may have positive externalities and lower default risks.Secondly,in terms of cost effect,compared with the coupon rate of ordinary bonds,green bonds issued by listed enterprises may have a lower issuing interest rate and a significantly positive cost effect.Finally,in terms of the effect of green technology innovation,the impact of green bonds issued by listed enterprises on green technology innovation is significantly positive.The issuance of green bonds reduces the financing constraints of enterprises,alleviates the financing difficulty of enterprises,and thus has more funds to carry out green technology innovation of enterprises.This thesis not only makes up for the richness of relevant studies to a certain extent,but also strengthens the research on the positive effect of issuing green bonds,which is of great significance for encouraging enterprises to invest in green projects such as energy conservation and emission reduction and circular economy. |
