On the corporate performance of issuers of various green assets

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-08 DOI:10.1016/j.frl.2025.107177

Xiaorui Piao , Bin Mei

{"title":"On the corporate performance of issuers of various green assets","authors":"Xiaorui Piao , Bin Mei","doi":"10.1016/j.frl.2025.107177","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the corporate performance of green and brown asset issuers in China and the driving forces for the asset premium of green bonds, asset-backed securities (ABSs) and real estate investment trusts (REITs). Using quarterly data from 2016 to 2023 under a two-layered model structure, a significant positive impact is found on the corporate profitability of companies issuing green bonds and ABSs compared to brown securities, but insignificant results for green REITs. While green bonds help improve corporate performance, having green bonds and ABSs simultaneously is more conducive. A higher environmental, social, and governance (ESG) rating, an environmentally friendly issuer and an involvement in renewable energy or new energy vehicle businesses all have beneficial effects on the issuer's profitability regardless of the type of assets launched. Moreover, credit enhancement leads to a higher premium especially for corporate assets without a guarantee clause or frequent transactions. In summary, to boost the influence of green assets, companies should improve their ESG rating and green reputation, and the government should advance research and promotion of green financial instruments, improve information disclosure and risk evaluation, and advocate the renewable energy and new energy vehicle sectors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107177"},"PeriodicalIF":6.9000,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325004404","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

Abstract

This study examines the corporate performance of green and brown asset issuers in China and the driving forces for the asset premium of green bonds, asset-backed securities (ABSs) and real estate investment trusts (REITs). Using quarterly data from 2016 to 2023 under a two-layered model structure, a significant positive impact is found on the corporate profitability of companies issuing green bonds and ABSs compared to brown securities, but insignificant results for green REITs. While green bonds help improve corporate performance, having green bonds and ABSs simultaneously is more conducive. A higher environmental, social, and governance (ESG) rating, an environmentally friendly issuer and an involvement in renewable energy or new energy vehicle businesses all have beneficial effects on the issuer's profitability regardless of the type of assets launched. Moreover, credit enhancement leads to a higher premium especially for corporate assets without a guarantee clause or frequent transactions. In summary, to boost the influence of green assets, companies should improve their ESG rating and green reputation, and the government should advance research and promotion of green financial instruments, improve information disclosure and risk evaluation, and advocate the renewable energy and new energy vehicle sectors.

查看原文本刊更多论文

各类绿色资产发行人的公司绩效研究

本研究考察了中国绿色和棕色资产发行人的公司绩效，以及绿色债券、资产支持证券（abs）和房地产投资信托基金（REITs）的资产溢价驱动力。在双层模型结构下，利用2016 - 2023年的季度数据发现，与棕色证券相比，发行绿色债券和abs的公司盈利能力受到显著的正影响，而绿色REITs的影响不显著。虽然绿色债券有助于提高公司绩效，但同时拥有绿色债券和abs更有利。无论发行的资产类型如何，较高的环境、社会和治理（ESG）评级、环境友好型发行人以及参与可再生能源或新能源汽车业务都对发行人的盈利能力产生有利影响。此外，信用增强导致更高的溢价，特别是对于没有担保条款或交易频繁的公司资产。综上所述，要提升绿色资产的影响力，企业应提高ESG评级和绿色声誉，政府应推进绿色金融工具的研究和推广，完善信息披露和风险评估，倡导可再生能源和新能源汽车领域。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance