The Stock Performance of Green Bond Issuers During COVID-19 Pandemic: The Case of China

IF 2.5 Q2 ECONOMICS

Asia-Pacific Financial Markets Pub Date : 2022-12-05 DOI:10.1007/s10690-022-09386-4

Jiongye Jin, Jianing Zhang

引用次数: 1

Abstract

The green bond (GB) is a new financial product in the green finance field that has recently become a corporate social responsibility (CSR) tool for organizations. Previous studies show that high-CSR firms receive more trust from shareholders during a financial crisis. This paper aims to assess the stock performance of publicly listed Chinese companies that issued GBs during the COVID-19 pandemic. The bond sample covers 2016–2019 and consists of 67 listed issuers. The paper uses the event study method based on the market and Fama-French (1993) three-factor models. Our results show that GB issuers exhibited significantly positive cumulative abnormal stock returns on the official announcement dates of the COVID-19 outbreak. The positive cumulative abnormal returns are mainly driven by non-financial GB issuers rather than financial GB issuers. The results reflect the attitudes of investors toward GB-issuing companies primarily in the context of the crisis and contribute to the development of green finance policies.

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新冠肺炎疫情期间绿色债券发行人的股票表现——以中国为例

绿色债券(GB)是绿色金融领域的一种新型金融产品，近年来已成为企业社会责任(CSR)的工具。以往的研究表明，在金融危机中，高csr的企业获得了股东更多的信任。本文旨在评估新冠肺炎大流行期间发行国债的中国上市公司的股票表现。债券样本涵盖2016-2019年，由67家上市发行人组成。本文采用基于市场和Fama-French(1993)三因素模型的事件研究法。我们的研究结果显示，在新冠肺炎疫情官方公告日期，国库券发行人的累积异常股票收益显著为正。正的累积异常收益主要由非金融GB发行人而非金融GB发行人驱动。研究结果主要反映了危机背景下投资者对gb发行公司的态度，有助于绿色金融政策的制定。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia-Pacific Financial Markets ECONOMICS-

CiteScore

3.00

自引率

0.00%

发文量

期刊介绍： The current remarkable growth in the Asia-Pacific financial markets is certain to continue. These markets are expected to play a further important role in the world capital markets for investment and risk management. In accordance with this development, Asia-Pacific Financial Markets (formerly Financial Engineering and the Japanese Markets), the official journal of the Japanese Association of Financial Econometrics and Engineering (JAFEE), is expected to provide an international forum for researchers and practitioners in academia, industry, and government, who engage in empirical and/or theoretical research into the financial markets. We invite submission of quality papers on all aspects of finance and financial engineering. Here we interpret the term ''financial engineering'' broadly enough to cover such topics as financial time series, portfolio analysis, global asset allocation, trading strategy for investment, optimization methods, macro monetary economic analysis and pricing models for various financial assets including derivatives We stress that purely theoretical papers, as well as empirical studies that use Asia-Pacific market data, are welcome. Officially cited as: Asia-Pac Financ Markets