Research on the Impact of Issuing Green Bonds on the Operating Performance of Companies
In order to study the impact of issuing green bonds on the operating performance of issuing entities,this article selects the annual panel data of A-share listed companies from 2010 to 2022,and takes 2016 as the policy implementation year for bond issuance.Empirical analysis is conducted by using the PSM-DID model.The research findings are as follows.Firstly,the issuance of green bonds significantly improves the operating performance of enterprises.Secondly,from the analysis of intermediary effects,green bonds can improve business performance by influencing the degree of financing constraints,green innovation and company growth.Thirdly,heterogeneity testing has found that issuing green bonds by companies with higher quality information disclosure has a more significant effect on improving business performance.The issuance of green bonds by heavily polluting enterprises has a more significant negative impact on corporate performance.This study provides theoretical value for clarifying the mechanism of the impact of issuing green bonds on corporate performance,and also provides reference for enterprises and government to further promote the development of the green bond market.
green bondscorporate performancequality of information disclosureheavily polluting enterprises
NETL
NSTL
万方数据
