Research On The Announcement Effect Of Green Bonds Issued By Listed Companies In Chin

Since the 21 st century,China’s economic development has achieved remarkable achievements,but accompanying environmental pollution and resource scarcity issues have drawn attention.To better address the challenges posed by environmental deterioration and energy depletion,developing green industries and changing economic development patterns is imperative.Green bonds,as a new financing tool with dual attributes of “green” and “bonds”,can help enterprises raise funds for green environmental protection projects and contribute to the construction of a green financial system.China’s green bond market started in 2016 and has developed rapidly,quickly becoming the world’s second-largest green bond market.However,currently,large state-owned enterprises and local commercial banks are the main issuers of green bonds in China.Most listed companies lack understanding of green bonds,and their active participation in the green bond market is insufficient.This article explores the relationship between green bond issuance announcements and stock price reactions,helping to clarify the endogenous motivation for companies to issue green bonds and mobilize their enthusiasm to participate in the green bond market,with certain theoretical and practical significance.Based on information asymmetry theory,stakeholder theory,and social responsibility investment theory,this article analyzes the impact mechanism of green bond issuance announcements on stock price reactions from three perspectives: overall impact,enterprise heterogeneity,and influencing factors.Targeting the listed companies in China that issued green bonds from January 2016 to September 2022,this study employs an event study to empirically test the announcement effect of green bond issuance by listed companies in China.At the same time,it examines the similarities and differences in the announcement effects of green bond issuances by companies in different regions,with different property rights,and in different industries.Using multiple regression models and principal component analysis,this study explores the influencing factors of the announcement effect of green bond issuance from two aspects: the basic characteristics of green bonds and the fundamental information of enterprises.It quantitatively studies the heterogeneity of the influencing factors of the announcement effect of green bond issuance by region,property rights,and industry.The results show that(1)the issuance of green bonds by listed companies in China elicits a positive stock price reaction,with a significantly positive cumulative abnormal return.(2)The announcement effect of green bond issuance by eastern enterprises is more significantly positive than that of companies in the central and western regions.The announcement effect of green bond issuance by non-state-owned enterprises is more positive than that of stateowned enterprises,but it is not significant after the announcement day.Compared with the manufacturing and water conservancy industries,the announcement effect of green bond issuance by the mining and electric power industries is more significantly positive,which may be related to the pollution level of the industry.(3)In terms of enterprise fundamental information,profitability and development capacity are important factors affecting the announcement effect of green bond issuance,which are significantly positively correlated with the cumulative abnormal return.In terms of the basic characteristics of green bonds,the issuance scale is an important factor affecting the announcement effect of green bond issuance,which is significantly positively correlated with the cumulative abnormal return.