Research On The Impact Of Green Bond Issuance On Default Risk Of Chinese Listed Companies

In the first year of the 14 th Five-Year Plan,China included "Carbon Peaking and Carbon Neutrality Goals" in the government work report for the first time,and the People’s Bank of China also listed green finance as a key task during the 14 th Five-Year Plan period.The concept of green development has become a broad consensus.As an important part of the green financial system,green bonds have the dual attributes of "green" and "bond",playing an important role in supplying funds for green industries.In recent years,the debt defaults of entity enterprises happen frequently in China,and financing has become a key issue restricting the development of entity enterprises.Debt defaults not only have a serious impact on the development of enterprises,but also bring a major threat to the stability of the capital market.As more and more enterprises enter the green bond market,whether green bonds can truly inject new momentum into the development of green enterprises,and whether the issuance of green bonds can help alleviate the risk of debt default of enterprises,is an important proposition for the research on the effect of green bonds on corporate risk management.In this context,this paper analyzes the impact mechanism of green bonds on corporate debt default risk from a theoretical perspective.Based on the panel data of1548 A-share listed companies in China from 2015 to 2021,the Staggered DID model is used to empirically test the impact of green bond issuance on the default risk of corporate debt.In the mechanism test,the paper studied the mediating effect of financing constraints in detail,and examined the heterogeneous impact of the corporate ownership property.To solve the endogenous problem,the paper used the instrumental variable method and the propensity score matching method,and finally obtained a robust empirical result.The main conclusions are as follows.First,the regression results shows that the issuance of green bonds can effectively reduce the debt default risk of China’s A-share listed companies.Second,green bonds reduce the default risk of corporate debt by easing financing constraints.Third,the impact of green bonds on corporate debt default risk is heterogeneous,and the issuance of green bonds by large-scale and high-pollution companies has a more positive impact on reducing the risk of debt default for enterprises than that of small-scale and low-pollution companies.Based on this,this paper puts forward the following policy recommendations.First,enhance the awareness of corporate social responsibility and achieve sustainable development of enterprises.Second,give play to the leading role of the government to support enterprises in issuing green bonds.Third,complete the green bond market and improve the construction of the green bond system.