Green Bond Issuance and Corporate Value Promotion——the Mediation Effect Test of PSM-DID Model
Green bond is an important financial instrument to promote China's green and low-carbon transformation and help enterprises to elevate their self-value,and thus it has become a deciding factor for sustainable development of green bonds market in China.Based on quarterly panel data of A-share companies,an empirical study was made by in-tegrating Differences-in-Differences model and Propensity Score Matching.The results indicate that green bond issuance is beneficial to the enhancement of corporate value,but this process lacks dynamic sustainability.Green bond is-suance by firms enhances corporate value by alleviating the degree of maturity mismatch,increasing the level of social re-sponsibility information disclosure,and reducing the second type of agency costs.The effect of green bond issuance on value enhancement is more pronounced for enterprises in the manufacturing industry,non-state enterprises,and green fi-nancial reform and innovation pilot zones.The above findings have important guiding significance for enhancing the value of issuing enterprises and promoting the further expansion and quality of China's green bond market.
green bondscorporate valueinvestment and financing term structuresocial responsibility disclosuresecond class agency costs
NETL
NSTL
万方数据
