| Green bond is an important part of China’s green financial system and a key force to help China’s economy achieve high-quality development.As a financial innovation product,green bond has the dual attributes of"green"and "bond".It can not only broaden the financing channels for enterprises,but also guide and support the green development of enterprises,so as to help China’s green sustainable development.With the development of green investment concept,investors pay more attention to the company’s green behavior,and whether the company’s issuance of green bonds can have a positive impact on the company’s performance will determine the decision-making and enthusiasm of the company and managers to participate in the green bond market.From the perspective of green financial instruments,this paper makes an in-depth study on the impact of green financial instruments on the performance of listed companies.This paper combs the relevant literature on the issuance of green bonds and corporate performance,makes a theoretical analysis based on signal transmission theory,social responsibility investment theory,stakeholder theory and externality theory,takes the listed companies issuing green bonds from January 2016 to December 2020 as the research object,uses the event research method to analyze the change of stock price,and uses the propensity score matching and double difference method to analyze the financial performance of the company,The results show that:(1)the issuance of green bonds by listed companies will have a positive effect on the company’s stock price in the short term.(2)Listed companies issuing green bonds have a significant positive impact on their financial performance,and companies with different equity nature,industry and region have different effects on their financial performance.From the perspective of equity nature,the issuance of green bonds by non-state-owned enterprises has a more significant positive impact on their financial performance;From the perspective of regional differences,the issuance of green bonds by companies in the eastern region has a positive impact on their financial performance;From the perspective of industry differences,the issuance of green bonds by mining and manufacturing companies has a positive impact on their financial performance.(3)The financing cost plays an obvious intermediary effect between the issuance of green bonds by listed companies and financial performance.The issuance of green bonds by listed companies can reduce the financing cost and realize its positive impact on financial performance.This paper combines theoretical research with empirical research,and puts forward three suggestions from the perspective of the company:first,the company should actively participate in the green bond market;Second,the company should make rational use of green bonds in combination with its own reality;Third,the company should improve the transparency of green bond information and let regulators and investors clearly understand the relevant information of green bonds. |
