Bond Market Liberalization and Corporate ESG Performance:Evidence from Bond Connect
With the advancement of globalization and the integration of financial markets,the liberalization of the bond market has become an im-portant trend in China's economic development,and the high-quality development of bond market in major countries is closely linked to this opening up.At the same time,corporate Environmental,Social and Governance(ESG)performance is increasingly becoming a key factor in assessing corporate sustainability and long-term investment value.This paper attempts to establish a link between the opening of the bond mar-ket and the ESG performance of corporations.Specifically,based on micro-level data,this paper will use the policy impact of Bond Connect to identify the causal impact of bond market opening on corporate ESG performance using a difference-in-differences method,and explore the impact mechanism.The research fundings reveal that,firstly,the opening of the bond market contributes to improving the ESG performance of corporations,thereby promoting the enhancement of long-term value and social responsibility practices.Secondly,the opening of the bond market can affect corporate ESG performance through the channel of improving financing conditions.Thirdly,the information and attention generated by the opening up of the bond market also spill over to the stock market.After the establishment of bond connect,both the propor-tion of institutional investors in corporate stocks and the liquidity of stocks increased significantly.This study will help to understand the rela-tionship between the opening up of financial markets and the green transformation of the economy.It provides important policy implications for promoting high-quality financial development,enhancing the ability of financial services to support the real economy,and improving interna-tional competitiveness.
万方数据
维普
