An Empirical Research on the Financial and Environmental Results of Corporate Green Bond Issuance

CHEN Feng-gong; ZHANG Yi-hao

Volume 38 Issue 3

May 2023

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CHEN Feng-gong, ZHANG Yi-hao. An Empirical Research on the Financial and Environmental Results of Corporate Green Bond Issuance[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(3): 38-53.

Citation:

CHEN Feng-gong, ZHANG Yi-hao. An Empirical Research on the Financial and Environmental Results of Corporate Green Bond Issuance[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(3): 38-53.

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An Empirical Research on the Financial and Environmental Results of Corporate Green Bond Issuance

School of Economics, Nanjing University, Nanjing 210093, China

Received Date: 2022-11-08
Available Online: 2023-07-07
Publish Date: 2023-05-28

Abstract

Abstract

As an important global green financial instrument, it is of great theoretical and practical significance to study the consequences of the issuance of green bonds. Based on the data of A-share non-financial listed companies from 2011 to 2020 and Difference-in-Difference model, this paper tests the financial and environmental consequences of green bond issuance. The results show that the issuance of green bonds can significantly improve the financial value and environmental performance of issuing companies at the same time, that is, achieving a "win-win" result. Heterogeneity analysis shows that the practical performance of green bond issuance is more significant in heavy pollution industries and private enterprises. Mechanism analysis shows that the ascension of financial value is resulted from the reputation effect. Through reducing financing constraints and improving the institutional ownership, issuers of green bonds can obtain higher financial value. However, the improvement of environmental performance is mainly subject to the supervision effect. The stronger the company is subject to social invisible supervision and institutional visible supervision, the more obvious the environmental improvement effect can be achieved by issuing green bonds. Further analysis shows that the issuance of green bonds also has sustainable incentive effect on green innovation. The results of this study provide useful policy implications for improving the green financial system and promoting green and low-carbon development.
- green bond,
- green innovation,
- financial performance,
- environmental performance,
- reputation effect,
- supervision effect,
- incentive effect

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References(37)

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