绿色债券发行对企业价值的影响研究——基于投资者关注中介效应检验

Research on the Impact of Green Bond Issuance on Corporate Value——Based on the Test of Investor Attention to the Intermediary Eff ect Test

绿色债券是绿色金融体系的重要组成部分,近年来我国绿色债券规模持续增长。本文利用1355家上市非金融企业2016—2021年的季度面板数据进行检验,研究表明:绿色债券发行可以显著提高企业价值,其中投资者关注对提高企业价值发挥了重要中介效应,投资者关注度越高,绿色债券提高企业价值的作用就越大。本文通过异质性研究发现,国有和非国有企业均能通过发行绿色债券来提高企业价值,但是国有企业效果更好;采掘业、制造业和电力、煤气及水的生产和供应业具有更加显著的价值提高效应,但建筑业企业提升效果不够明显。

Green bonds are an important part of the green fi nancial system.In recent years,the scale of green bonds in China has continued to grow.This paper uses the quarterly panel data of 1355 listed non-fi nancial enterprises from 2016 to 2021 for testing.The result showed that the issuance of green bonds can signifi cantly increase corporate value.Among them,investors have played an important intermediary eff ect on improving the value of the enterprise.The higher the investor’s attention,the greater the role of green bonds to increase corporate value.Through heterogeneous research,it is found that the improving eff ect of green bonds for state-owned enterprises is better than non-state-owned enterprises,the improvement eff ect of construction enterprises is not obvious enough.