A Study On The Impact Of Green Bonds Issued By Listed Companies On Corporate Value

Since the reform and opening-up,China’s economy has achieved rapid development,but this has also sacrificed many natural resources and ecological environment.At present,China’s economy has entered a new normal of economic development with slow growth,structural optimization and pursuit of quality,and the development of green finance has become an unavoidable choice during the critical period of structural changes in the national economy.Green bonds,as a relatively new green financing method,have the advantages of investment in green industrial projects,low financing cost and long maturity,so they have been developing rapidly in recent years and have also gained wide attention from various market players.This paper selects the quarterly data of Chinese listed companies from 2016 to2021 as research samples,builds a panel data regression model,empirically analyzes whether green bond issuance has a positive impact on enterprise value,and separately studies whether there are differences in the impact of green bond issuance on enterprise value under different property rights and enterprise sizes.And the moderating role that investor confidence may play.The main conclusions of this study are as follows: first,green bonds issued by listed companies can have a positive impact on the improvement of their own enterprise value;Second,the increase in the intensity of green bonds issued by listed companies is conducive to the improvement of enterprise value.Third,in non-state-owned enterprises,issuing green bonds has no effect on the increase of enterprise value,while in state-owned enterprises,the effect is extremely significant.Fourth,whether large or small scale enterprises,issuing green bonds is conducive to the improvement of enterprise value.Fifth,investor confidence will weaken the impact of green bonds on enterprise value enhancement.The above conclusions passed the robustness test and remained robust after missing variables,sample selection and endogeneity problems related to two-way causality.Based on the above findings,this paper proposes recommendations from three perspectives: issuers are recommended to optimize the issuing entities,strengthen their green attributes,and raise awareness of environmental information disclosure;investors are recommended to promote environmental awareness,promote the concept of green corporate governance and development,and encourage investors to incorporate environmental and social factors into their investment decisions and establish long-term value investment concepts.It is recommended that policy makers and regulators should have a comprehensive and in-depth understanding of green bond projects,strengthen information disclosure standards and credit rating work of issuing entities,improve the green bond certification system,strengthen the participation of third-party rating agencies,and implement and enforce relevant systems and regulatory measures more strongly for them.The research content of this paper enriches the research in the field of green bonds to a certain extent and can provide certain reference values for scholars who study this direction afterwards.Due to the availability of research data and the author’s research level,there may be some defects and superficial opinions in the research process,and we hope that later researchers will continue to improve and enhance the research.