The Impact Of Green Bonds On Corporate Value

With the advancement of urbanization and industrialization,the environmental costs behind the rapid economic growth are increasing.The domino effect of climate change has seriously threatened the stability of the global economy and finance.In the face of severe climate and environmental problems,many countries and regions around the world have taken green development into consideration in their national development strategies.As a responsible big country,China has actively implemented the green development strategy and further promoted green financial innovation since September 2020,when it proposed the "30 · 60" double carbon target,to create momentum for China’s transformation of economic development mode and optimization of economic structure.As a relatively new type of green financial tool,green bonds,on the one hand,have the attribute of bonds to increase new financing channels for enterprises,and on the other hand,have the green attribute to promote the development of China’s green environmental protection undertakings,which is a green financing tool strongly supported by the state.China’s green bonds developed relatively late,and 2016 was called the first year of China’s green bonds.However,China came from behind and now ranks the second in the world in terms of cumulative green bond issuance.The green bond market has developed rapidly.Not only has its scale increased year by year,but also its varieties are constantly innovating.The green financial bonds are no longer "monopoly",and the issuance of green corporate bonds has gradually exceeded the issuance of green financial bonds.As a financial tool for direct financing of enterprises,can green bonds solve the problem of green project financing,adjust the industrial structure of enterprises,and promote green transformation of enterprises? As a financial tool for direct financing of enterprises,can green bonds reduce the business wind direction of enterprises by improving corporate governance,so as to improve enterprise value and form a virtuous circle between green finance and green development? This paper studies the impact of green bonds on enterprise value,and further studies the effect of financing constraints and enterprise risks on the mechanism.It is not only conducive to clarifying the mechanism of green finance serving green industries,increasing the motivation for enterprises to issue bonds,but also conducive to promoting the development of China’s green bond market,and better serving the green transformation of China’s economy.In order to study the impact mechanism of green bond issuance on enterprise value,this paper takes eight industry listed companies that issue green bonds in A shares as the research object,selects 2014-2021 as the time interval,divides the research samples into experimental group and control group according to whether they have issued green bonds,uses Tobin Q to measure enterprise value,and uses multi time point double difference method to measure the impact of green bond issuance on enterprise value.In addition,this paper tests the samples according to the nature of equity,the size of enterprises and the nature of industries.Further,this paper refers to the previous literature,based on the double difference model,uses the triple difference model to analyze the effect of financing constraints and corporate risk in this impact.Finally,the empirical results are obtained.Through theoretical analysis and empirical test,this paper draws the following conclusions:First,the initial issuance of green bonds by enterprises can significantly improve enterprise value.Secondly,in the analysis of heterogeneity,it is found that the green bonds issued by non-state-owned enterprises,small enterprises and heavily polluted enterprises have a more significant effect on the promotion of enterprise value than state-owned enterprises,large enterprises and non heavily polluted enterprises.Third,the issuance of green bonds by enterprises can significantly reduce corporate financing constraints and corporate risks,thus improving corporate value.And in view of the above conclusions,this paper puts forward relevant policy suggestions from the government,the issuer and the society.