摘要
基于我国上市企业2009—2022年季度数据,运用PSM-DID模型探讨了绿色债券发行与企业权益资本成本之间的关系。研究发现,企业发行绿色债券可以获得更低的权益资本成本,此结论经过更换匹配方式、更换变量度量方式检验后依然成立。机制检验结果表明,绿色债券发行通过降低信息不对称、增强股票流动性、提升ESG表现、促进绿色创新,进而带动企业权益资本成本下降。异质性分析发现,绿色债券发行方获得的融资便利对规模较小、内控水平较高、重污染行业及绿色金融发展较低地区的企业影响更为明显。研究结论揭示了绿色债券发行对企业权益资本成本下降的具体作用机理,为加深对权益资本成本的理解和绿色金融政策的制定提供一定的参考价值。
Based on the quarterly data of China’s listed companies from 2009 to 2022,the PSMDID model is used to explore the relationship between green bond issuance and cost of corporate equity capital.The study finds that companies could obtain lower cost of equity capital by issuing green bonds.This conclusion still holds after changing matching methods and variable measurement methods.Mechanism test results show that green bond issuance reduces information asymmetry,enhances stock liquidity,improves ESG performance,and promotes green innovation,thereby driving down the cost of equity capital of companies.Heterogeneity analysis find that the financing facilities obtained by green bond issuers have a more obvious impact on enterprises with smaller scales,higher levels of internal control,heavily polluting industries and areas with low green finance development.The study reveals the specific mechanism about how the issuance of green bonds reduces the cost of equity capital,providing some reference value about an understanding on cost of corporate equity capital,and making green financial policy.
作者
刘兴华
辛珂欣
Liu Xinghua;Xin Kexin
出处
《金融理论与实践》
北大核心
2024年第6期76-86,共11页
Financial Theory and Practice
基金
江西省社会科学基金“十四五”重点项目“数字经济赋能江西乡村产业振兴模式与路径研究”(23YJ01)的阶段性成果。
关键词
绿色债券
权益资本成本
信息不对称
ESG表现
green bonds
cost of equity capital
information asymmetry
ESG performance
作者简介
刘兴华(1972-),男,江西吉安人,博士,教授,博士生导师,研究方向为公司金融;辛珂欣(1999-),女,江西萍乡人,硕士研究生,研究方向为公司金融。
