Research On The Influence Of Green Bond Financing On The Performance Of Listed Companies

With the continuous advancement of China’s industrialization process,the environmental pollution problem behind economic growth has gradually emerged,and green development has become an inevitable path for China’s economic and social development.In the face of environmental problems that need to be solved urgently,China has actively implemented the green development strategy,deeply promoted the innovation of green finance,and provided impetus for the transformation of China’s economic development mode and the optimization of economic structure.As an important part of green finance products,green bonds have become a topic of common concern in academia.Listed companies can alleviate their long-standing financial difficulties by issuing green bonds for financing,while also contributing to the development of China’s green economy.However,at present,China’s listed companies lack enthusiasm for green investment and financing,and lack strategic understanding of green economy development.By analyzing the effect of green bonds on the performance of listed companies,encouraging listed companies to actively participate in the green bond investment and financing market from the perspective of realizing their own value appreciation,it is of great significance to promote green innovation in China’s economic structure and achieve green and low-carbon economic development.In this regard,this paper conducts theoretical analysis on social responsibility theory,sustainable development theory,signaling theory and reputation theory.Using the relevant data of Shanghai and Shenzhen A-share listed companies from 2016 to2021,this paper uses the event study method and multiple linear regression method to examine the impact of green bond financing on the performance of listed companies,respectively from the pre issuance and post issuance of green bonds,green bonds and ordinary bonds Conduct an analysis from three perspectives: companies that issue green bonds and companies that have not issued green bonds,while exploring the moderating effect of media attention.In heterogeneity analysis,group regression is performed for different property rights,regional characteristics,and industries in which the company operates.Finally,robustness test was carried out using substitution variable method and propensity score matching method.The empirical research results indicate that,firstly,green bond financing significantly improves the market performance of listed companies,reflected in the increase in the cumulative average abnormal return rate of listed companies;Green bond financing significantly improves the net return on assets of listed companies,and has a positive impact on the financial performance of listed companies;Green bond financing significantly increases the company’s R&D investment and has a positive and significant impact on the company’s innovation performance.This provides a certain internal driving force for listed companies to participate in the green bond market.Secondly,media attention has weakened the positive impact of green bond financing on the financial and market performance of listed companies.Third,the financial performance of green bond financing in non-state-owned enterprises,green finance policy areas,and non polluting industries has improved more significantly;In green finance non policy areas and non pollution industries,innovation performance has been improved more significantly.Based on the above conclusions,this paper puts forward relevant suggestions from the three perspectives of the government,financiers and investors,hoping to make a modest contribution to the development of China’s innovative green and low-carbon carbon cycle economy.