绿色债券发行的溢出效应、作用机理及绩效研究

The Spillover Effect,Mechanism and Performance of Green Bond Issuance

以2009~2019年我国发债企业为样本,本文研究了企业发行绿色债券的行业溢出效应、作用机理以及产生的环境和财务绩效。首先,我们发现,企业发行绿色债券会显著降低同行业其他企业的债券融资成本。其作用机理是发行绿色债券的企业会带动同行业其他企业采取更多有利于环境保护的行动。这些行为得到了市场投资者的认可,从而降低其融资成本。其次,异质性检验显示:生态友好型企业以及非污染型企业会强化这种行业溢出效应。同样,行业领导型企业和密切竞争型企业也会增强绿色债券的溢出效应。最后,本文发现,同行业其他企业采取的绿色环保行为可以提升其环境绩效和财务绩效。本文研究表明,企业发行绿色债券可以产生良好的行业溢出效应,有利于我国实现“碳达峰、碳中和”的目标。

Using samples of bond-issuing corporations in China from 2009 to 2019,we investigate the spillover effects,mechanism,environmental and financial performance arising from issuing green bonds by corporations.Firstly,we find that green bond issuance will release a green signal to the market,leading other issuers in the same industry to take more actions that are conducive to environmental protection,and finally significantly reducing the bond financing costs of other firms in the same industry.Further,firm characteristics such as eco-friendly and non-polluting industries will reinforce this industry spillover effect.Similarly,industry-leading enterprises and closely competitive enterprises will also enhance the spillover effect of green bonds.Finally,we find evidence that the green behaviors adopted by bond-issuing firms can improve their environmental and financial performance.This paper indicates that green bond issuance pushes other issuers to adopt more environmental protection behaviors,which is conducive to achieving goals of"Carbon Peak and Carbon Neutrality".