摘要
绿色债券作为绿色金融的重要工具,其发行规模自2016年以来迅速扩张,为我国绿色经济创新发展注入了新动能。基于国内上市公司数据,采用事件研究法与多时点双重差分模型,研究发行绿色债券与发行普通债券相比是否能提升上市公司的企业价值。研究结果表明:绿色债券发行之后股价会有明显上涨;双重差分模型中设置的双重差分项与企业价值呈现出正相关关系,且该模型通过了平行趋势假设检验,说明发行绿色债券与发行普通债券相比更能提升企业价值。基于以上研究结果,对我国绿色债券市场的发展提出建议。
As an important tool of green finance,the issuance scale of green bonds had expanded rapidly since 2016,injecting new momentum into the development of China's green economy.Based on the data of domestic listed companies,combined with event study method and multi-point differential difference model,whether issuing green bonds could improve the enterprise value of listed companies more than issuing ordinary bonds was studied.The research results showed that the stock price of green bonds would rise significantly after issuance,and the differential difference term set in the differential difference model showed a positive correlation with enterprise value,and the model passed the parallel trend hypothesis test,indicating that issuing green bonds could improve enterprise value more than issuing ordinary bonds.Based on the above research results,feasible suggestions were put forward for the development of China's green bond market.
作者
李梦雅
王伶燕
廖宜静
Li Mengya;Wang Lingyan;Liao Yijing(College of Economics and Management,Anhui Agricultural University,Hefei 230036)
出处
《黑龙江八一农垦大学学报》
2023年第4期105-111,134,共8页
journal of heilongjiang bayi agricultural university
基金
安徽高校人文社会科学研究重点项目(期货市场服务乡村振兴的模式创新研究:SK2019A0131)。
关键词
绿色金融
绿色债券
企业价值
多时点
双重差分模型
green finance
green bond
enterprise value
multi-point
differential difference model
作者简介
李梦雅(1997-),女,安徽农业大学经济管理学院2020级硕士研究生;通信作者:廖宜静,女,副教授,E-mail:jyl6399@ahau.edu.com。
