发行绿色债券对上市公司股价波动效应的影响研究

Research on the Impact of Issuing Green Bonds on the Stock Price Fluctuation of Listed Companies

摘要: 为研究我国上市公司发行绿色债券是否能够提升自身股价，本文选取252家上市公司2014年9月至2023年9月共36个季度的公司季度面板数据进行研究，使用多时点双重差分法进行实证分析，得出结论如下：第一，发行绿色债券对上市公司股价具有显著提升作用。第二，上市公司可以通过发行绿色债券使融资成本降低、投资者情绪提高，从而提升股价。第三，处于金融发展水平高地区的企业、国有企业、行业分类为电力、热力、燃气及水生产与供应业、制造业和水利、环境和公共设施管理业三个行业的企业、ESG表现更好的企业，发行绿色债券的股价提升作用更为明显。

Abstract: To investigate whether the issuance of green bonds by listed companies in China can enhance their stock prices, this paper selects quarterly panel data from 252 listed companies, covering a total of 36 quarters from September 2014 to September 2023, for research purposes. Empirical analysis is conducted using the multi-period difference-in-differences (DID) method, yielding the following conclusions: Firstly, the issuance of green bonds significantly boosts the stock prices of listed companies. Secondly, listed companies can reduce their financing costs and increase investor sentiment through the issuance of green bonds, thereby elevating their stock prices. Thirdly, the stock price enhancement effect of green bond issuance is more pronounced for companies located in regions with high levels of financial development, state-owned enterprises, and those in the electricity, heat, gas, and water production and supply industry, manufacturing industry, and water conservancy, environment, and public facilities management industry. Additionally, companies with better ESG performance also exhibit a more significant stock price enhancement effect from green bond issuance.