綠色債券與跨國併購

Green Bond and Cross-border M&As

鍾易晉(Chung Yi-Chin)

指導教授 ： 陳嬿如

國立政治大學/商學院/財務管理學系/碩士(2022年)

https://doi.org/10.6814/NCCU202200698

摘要

本文探討綠色債券的發行經驗與跨國併購的關係，實證結果顯示，公司的環境面向分數無顯著正面影響發行綠色債券公司發起併購的意願。在衡量投資人對於該併購之反應時，本文發現發行綠色債券後進行併購之企業，投資人短期之正向反應並無顯著優於發行綠色債券前之併購。然而，在長期下，發行綠色債券後有進行併購之企業的買進持有異常報酬為負。最後，本文為更加了解綠色債券對於跨國併購異常報酬的影響，加入與綠色債券公司擁有相似財務性質的控制組，分析公司ESG分數及綠色債券驗證與跨國併購時的異常報酬，本文發現公司ESG分數與併購異常報酬存有顯著負向關係，綠色債券驗證與企業併購之異常報酬無明顯存有正向關係，值得注意的是，有發行綠色債券的公司其跨國併購的宣告溢酬明顯較差。
本文發現企業發行綠色債券的經驗並無明顯幫助企業在跨國併購決策上擁有正的宣告溢酬，長期下，企業並無因發行綠色債券經驗而擁有較好的股價表現，反而表現得比尚未發行綠色債券之併購異常報酬還差，說明公司利害關係人在企業發行綠色債券後進行跨國併購表示不認同，不符合利害關係人價值極大化觀點。除此之外，本文亦發現有發行綠色債券相對於無發行綠色債券之公司，其跨國併購之宣告溢酬顯著較低，顯示有發行綠色債券之公司進行跨國併購之決策並沒有讓利害關係人因為發行綠色債券而給予支持。

關鍵字

綠色債券 ； 事件研究法 ； 跨國併購

並列摘要

This study explores the relationship between green bond and cross-border M&As. I find that the corporate environmental performance doesn’t positively influence the likelihood of engagement by green bond issuers in M&As. Besides, I show that investors respond negatively to the post-issuance bidding decision in the long run, and find no positive response by investors in the short run. Additionally, In order to find out the green bond issuance toward CBMA abnormal return, I add the control group to explore the relationship between the ESG score and green bond verification and CBMA abnormal return. Finally, I find that ESG score have negative relationship to abnormal return in the short run and long run. However, the green bond verification doesn’t have positive relationship with CBMA abnormal return. More importantly, I find the green bond issuers have worse CBMA performance in the short run.
I find that the experience of green bond issuance doesn’t let stakeholders respond positive to CBMA decision in the short run and long run. More importantly, The evidence shows that when the CBMA decision happened after post-issuance, the long-term merger performance is significantly worse than pre-issuance. In this case, it tells the green bond issuance doesn’t give stakeholders confidence on CBMA decision, but respond significantly negative. Additionally, Compared to control group, the green bond issuers conducting the CBMA decision have worse CBMA announcement return. Through the analysis, it tells that the green bond issuers conducting the CBMA decision doesn’t gather the support from stakeholders.

並列關鍵字

Green bond ； Event study method ； Cross-border M&As

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