摘要
本文利用2016―2021年我国A股非金融上市公司发行的绿色债券及其匹配的安慰剂债券数据,对绿色债券发行的市场反应进行实证检验。事件研究结果显示,绿色债券发行能够显著提升公司股价,并且经第三方绿色认证、重污染行业、国有企业等发行绿色债券的股价提升效应更加显著。回归分析结果显示,绿色债券发行相对于匹配的安慰剂债券发行能引发投资者对发行公司更高的超额关注度,从而造成公司股票的量价齐升。然而,基于双重差分模型的检验结果显示,“双碳”目标的提出在短期内无法进一步提升绿色债券发行的市场良性反应,这一结果在多种检验途径下依然稳健,甚至对于更加具有针对性的碳中和债券具有反应减弱的表现。
Based on the sample of green bonds issued by China’s A-share non-financial listed companies from 2016 to 2021 and the matching bond data,this paper conducts an empirical study on the market reaction of green bond issuance.The results of the event study show that the issuance of green bonds in China can significantly increase the company’s stock price,and the green bonds issued by heavy pollution industries or state-owned enterprises or with third-party green certification have a more significant effect on stock price improvement.The regression results show that compared with the matching placebo bonds,the issuance of green bonds can cause investors to pay more attention to the issuing company,thus resulting in the increase of both the volume and price of the company’s stock.However,the test results based on the difference in difference model show that the proposed“Carbon Peak and Carbon Neutralization”targets cannot further improve the market benign reaction of green bond issuance in the short term.This result is still robust under various test approaches,and the response to more targeted carbon neutral bonds is even weakened.
作者
陈奉功
张谊浩
Chen Fenggong;Zhang Yihao
出处
《证券市场导报》
CSSCI
北大核心
2022年第7期48-60,共13页
Securities Market Herald
基金
国家自然科学基金面上项目“雾霾天气、投资者关注与股票市场:基于互联网数据的研究”(批准号:71672079)
江苏省研究生科研创新计划项目“绿色债券发行的市场效应研究”(项目编号:KYCX22-0013)。
关键词
“双碳”目标
绿色债券
绿色投资偏好
投资者关注
股债价格联动
市场良性反应
“carbon peak and carbon neutralization”
green bond
green investment preference
investor attention
stock and bond price linkage
market positive reaction
作者简介
通讯作者:陈奉功,南京大学商学院博士生,研究方向:绿色金融和金融市场;张谊浩,经济学博士,南京大学商学院教授、博士生导师,研究方向:行为金融和金融市场。
