Research on the Impact of Green Bond Issuance on the Value of Manufacturing Enterprises
Green bonds,as one of the most active green financial products,with their green attributes and low fi-nancing costs,can better meet the financing and green transformation needs of manufacturing enterprises.This article is based on quarterly panel data from 199 listed manufacturing enterprises from January 1,2017 to September 30,2023,and uses a multi time point DID model to empirically study the impact of green bond issuance by manufacturing enter-prises on enterprise value.The following conclusions are drawn:issuing green bonds has a positive effect on the value of manufacturing enterprises,and this positive effect is long-term;Compared to the central and western regions,is-suing green bonds by manufacturing enterprises in the eastern region is more conducive to enhancing their corporate val-ue;Issuing green bonds by non polluting manufacturing enterprises cannot significantly enhance their corporate value,while issuing green bonds by heavily polluting manufacturing enterprises can significantly enhance their own value.
Green BondsManufacturing EnterprisesHeterogeneity AnalysisDifference-in-Difference Model
万方数据
维普
