The Impact Of Green Bond Issuance On Enterprise Value

With the rapid growth of China’s economy,various ecological and environmental issues have also followed,and the conflicts between economic development and environmental protection in various regions have intensified,causing serious negative impacts.Therefore,environmental protection issues have become the focus of attention.Various environmental concepts and related guidance systems have been introduced,and more and more innovative and high-quality products have emerged,vigorously promoting green environmental protection projects,At the same time,the financial market has also actively responded to and promoted the progress of environmental protection through various product research and development and innovative development.Green bonds,as one of the innovative products,have also developed rapidly.However,compared to traditional bonds,the issuance of green bonds by enterprises is still not very mature.At the same time,there are still various issues such as inconsistent evaluation standards,insufficient information disclosure,multi-level supervision and uneven local policies,Relevant measures need to be taken to set specific requirements for various local bond standards,and to enhance the enthusiasm of enterprises,investors,and financial institutions for the issuance and investment of green bonds through various policies.This article conducts empirical research on the impact of green bond issuance on corporate value.First,it selects enterprises that issued green bonds from 2016-2022 as a processing group,and conducts empirical research using the event study method and the dual difference model.The main conclusions of the research are:(1)There has been a significant excess return in stock prices since the 10 th day before the issuance of green bonds,and the stock price promotion effect increases day by day;(2)Green bond issuance can effectively enhance corporate value;(3)Issuing green bonds can effectively enhance the green innovation ability of enterprises and master their core competitiveness,alleviate financing constraints,reduce corporate bankruptcy costs,improve corporate social responsibility,and enhance investors’ attention and investment in enterprises;(4)The analysis found that the impact of polluting industries,eastern regions,and non-state owned enterprises on enterprise value is relatively more significant.It can provide enterprises with more funds for related projects and industrial development,effectively improving corporate value.This empirical study is conducive to enterprises’ more rational planning of relevant bonds and decision-making of environmental protection projects,and its heterogeneity is conducive to improving green bond policies and formulating targeted incentive measures for green bonds of different regions,industries,and corporate nature.The impact mechanism is conducive to enterprises paying more attention to developing green research and development capabilities,assuming social responsibility,encouraging enterprises to issue green bonds rationally,and effectively alleviating financing constraints,At the same time,cultivate green bond investors,improve the environmental awareness of various entities,and promote the stable development of the green bond market,thereby providing a more complete green bond market for environmental protection,resource conservation,and ecosystem protection,guiding and encouraging the innovation and development of the green bond market.