Study on the Impact of Green Bonds on the Performance of Listed Companies

Yuting Sun

《Frontiers in Economics and Management》 4卷4期 (2023/04) Pp. 206-213

https://doi.org/10.6981/FEM.202304_4(4).0025

摘要

Green bonds are a financial instrument that has been vigorously promoted in the field of green finance in recent years, and the green bond market in China has been developing rapidly since 2016. In this paper, 61 listed companies that issued green bonds from 2016‐2021 are used as research objects, and the impact of issuing green bonds on the performance of listed companies is studied using a multi‐temporal double difference model based on the panel data of listed companies. The results show that issuing green bonds has a positive impact on the performance of listed companies and can significantly improve the total return on assets of companies. Therefore, the green bond market system should be continuously improved and the scale of green bond development should be expanded in order to increase the enthusiasm of enterprises to issue green bonds.

關鍵字

Green Bonds ； Listed Companies ； Corporate Performance

參考文獻

Reboredo, J. C.Green bond and financial markets: Co-movement, diversification and price spillover effects. Energy Economics,(2018) 74: 38-50.

Tolliver, C., et al.Drivers of green bond market growth: The importance of Nationally Determined Contributions to the Paris Agreement and implications for sustainability. Journal of Cleaner Production,(2020) 244.

Barua, S. and M. Chiesa.Sustainable financing practices through green bonds: What affects the funding size? Business Strategy and the Environment,(2019) 28(6): 1131-1147.

Tu, C. A., et al.Investigating solutions for the development of a green bond market: Evidence from analytic hierarchy process. Finance Research Letters,(2020) 34.

Ng, A. W.From sustainability accounting to a green financing system: Institutional legitimacyand market heterogeneity in a global financial centre. Journal of Cleaner Production,(2018) 195: 585-592.