申能发行绿色债券的市场效应研究——基于事件研究法

Research on the Market Effects of Sheneng’s Green Bond Issuance—Based on the Event Study Method

摘要: 当前由粗放型的工业发展引发的环境问题日益严峻，如何保持经济增长与环境保护之间的平衡已经变成了全球面临的重大挑战。传统电力行业作为碳排放的“领军人物”，实现“双碳”目标的战略转型就显得尤为重要，因此发展清洁能源发电就变成了实现这一目标的关键途径。基于此背景下，将环境保护与融资功能相结合的绿色债券孕育而生，并且与电力行业的绿色发展存在高度的契合性。发行绿色债券不仅能向传统的电力企业发展绿色产业提供强有力的支持，并且还能在一定程度上缓解传统电力企业的融资难的问题。本文选择申能股份发行碳中和债为研究对象，应用事件研究法测算发行前后股价变动情况。研究发现，申能发行碳中和债时，其股价在发行之后有明显上涨，表明市场认可申能发行绿色债券。上述结论不仅证明申能发行绿色债券会在短时间内对其绩效产生影响，也提供了传统电力业绿色发展一种创新融资方式的实践支持。

Abstract: The environmental problems caused by the extensive industrial development are becoming increasingly severe. Maintaining a balance between economic growth and environmental protection has become a major challenge facing the world. As a major contributor to carbon emissions, the traditional power industry’s strategic transformation to achieve the “dual carbon” goals is particularly important. Therefore, the development of clean energy generation has become a key approach to achieving this goal. Against this background, green bonds, which combine environmental protection and financing functions, have emerged and have a high degree of compatibility with the green development of the power industry. Issuing green bonds not only provides strong support for traditional power enterprises to develop green industries but also alleviates the financing difficulties of traditional power enterprises to a certain extent. This paper takes the issuance of carbon-neutral bonds by Sheneng Co., Ltd. as the research object and uses the event study method to measure the changes in stock prices before and after the issuance. The research finds that when Sheneng issued carbon-neutral bonds, its stock price rose significantly after the issuance, indicating that the market recognized Sheneng’s issuance of green bonds. The above conclusion not only proves that the issuance of green bonds by Sheneng will have an impact on its performance in the short term, but also provides practical support for an innovative financing method for the green development of the traditional power industry.