Based on the quarterly data of China's listed companies from 2009 to 2022,the PSM-DID model is used to explore the relationship between green bond issuance and cost of corporate eq-uity capital.The study finds that companies could obtain lower cost of equity capital by issuing green bonds.This conclusion still holds after changing matching methods and variable measurement meth-ods.Mechanism test results show that green bond issuance reduces information asymmetry,enhanc-es stock liquidity,improves ESG performance,and promotes green innovation,thereby driving down the cost of equity capital of companies.Heterogeneity analysis find that the financing facilities ob-tained by green bond issuers have a more obvious impact on enterprises with smaller scales,higher levels of internal control,heavily polluting industries and areas with low green finance development.The study reveals the specific mechanism about how the issuance of green bonds reduces the cost of equity capital,providing some reference value about an understanding on cost of corporate equity capital,and making green financial policy.
green bondscost of equity capitalinformation asymmetryESG performance
万方数据
维普
