金融学院知识库

当前全球环境问题日益严重，生态恶化的严峻形式已经影响到全球发展秩序。国际社会日渐重视绿色发展，中国遵循《巴黎协定》的要求，承诺采取更加有力的措施和政策实现绿色发展。为解决绿色经济发展中资金的问题，绿色金融的需求也随之扩大。绿色债券是整个绿色金融市场的重要成员，依靠绿色发展以债券融资来缓解经济与环境之间的矛盾，推动市场进步，能在一定程度上解决日益凸显的环境问题和经济高质量发展生态文明建设。上市公司是我国最为重要的经济实体，在经济市场中具有举足轻重的地位，但也长期面临融资难、融资贵的困境。上市公司基于规模大和资金运转能力强、具备较为良好的顶层基础、有利的市场政策环境、和优秀的投资和被投资基础等多项因素，逐渐青睐于绿色债券。研究上市公司绿色债的经济发展效果，不管是在理论上还是实际中都有重要意义，一方面能够助力公司间接资金融通的困境，另一方面又能助推公司开拓绿色投资项目，多角度提升企业价值。

本文首先对绿色债券发行这一领域内的研究成果进行研读，在多种绿色相关理论基础上，提出研究发行绿色债券对上市公司短期内股价影响、财务绩效影响和绿色投资影响，并分别将上述三者定义为股价效应、财务效应和绿色投资效应，分别运用事件研究法、双重差分法和面板分位数回归分析发行绿色债券这一行为是否能对股价起到短期提升作用、提高长期内的财务收益并增加公司长期内的绿色投资额。选择2016年到2021年近六年的绿色债券数据和2016年1月之后在A股上市的公司作为样本。从理论和实证两方面为研究结论提供支撑，并根据结果提出有关建议。研究发现，我国绿色债券开年之后上市的公司发行绿色债券能在短期内提高该公司股价；长期内可增加公司财务收益；长期内促进公司绿色投资。虽然这些效应对公司来讲都是积极的正向效应，但并不代表这种正向效应在所有研究角度都始终存在并且一直保持，对绿色债券发行效应的这方面研究还有所欠缺。基于实证研究结论，本文提出相关建议，如鼓励上市公司建立相关绿色债券发行和股价融合的战略目标，强化公司管理者对财务效应和绿色债券的结合，并积极倡导上市公司加强绿色项目开发和投资。

At the moment, global environmental problems are becoming increasingly serious, and the severe form of ecological deterioration has affected the global development order.The international community is increasingly attaching great importance to green development, China follows the requirements of the Paris Agreement and is committed to taking stronger measures and policies to achieve green development.In order to solve the problem of capital in the development of green economy, the demand for green finance has also expanded.Green bonds as an significant member of the whole green finance market.The position of listed companies in the economic market is self-evident, is the most important economic entity in China.It is of great significance to study the issuance effect of green bonds of listed companies both in theory and practice. For one thing,it can help the company to provide new financing channels , for another, It can encourage companies to develop green investment projects and strengthen the application of green bonds.

On a variety of green related theory (such as social responsibility investment theory, etc.), focus on issuing green bonds in the short term stock price change, the green investment price effect, financial effect and green investment effect.Green bond data for the last six years from 2016 to 2021 and companies listed on A-shares after January 2016 were selected as samples. In general, the issuance of green bonds issued by green bonds in the issuance of green bonds, the higher the green bonds and the long-term issuance of green bonds, the more green project investment in the long term.These effects are positive effects for the company, but they do not mean that this positive effect is always existed and maintained in all research perspectives, and there is still little research on the effect of green bond issuance.Based on the above research conclusions, this paper believes that listed companies should be encouraged to establish the strategic goals of related green bond issuance and stock price integration, strengthen the combination of company managers' financial effect and green bonds, and actively advocate listed companies to strengthen the development and investment of green projects.