第三方认证对绿色债券发行的实际影响：来自中国绿色债券市场的证据

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-11-08 DOI:10.1016/j.jcorpfin.2024.102694

Qing Yu , Eddie Chi-Man Hui , Jianfu Shen

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引用次数: 0

摘要

本研究探讨了 2016-2022 年间第三方认证对中国上市公司发行绿色债券的实际影响。我们的研究结果表明，发行经认证（非认证）的绿色债券在短期和长期内都会带来有利（不显著甚至负面）的股市反应，这表明第三方认证为股票投资者带来了价值。此外，我们还分析了第三方认证在绿色债券发行中创造价值的内在机制。我们发现，第三方认证能有效减少企业与投资者之间的信息不对称，促使企业真正优先考虑可持续发展实践，并改善企业的环境绩效，从而提高投资者需求和企业价值。我们的进一步分析表明，第三方认证有助于绿色债券发行人吸引长期投资者，增加分析师的覆盖面，并促使监管机构对公司信息披露发表积极意见。总之，这项研究表明，绿色债券发行人的第三方认证可以为发行人带来实际的经济和环境效益。

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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The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market

This study examines the real effects of third-party certification on green bond issuance by Chinese listed firms over the period 2016–2022. Our findings reveal that the issuance of certified (non-certified) green bonds results in favourable (non-significant or even negative) stock market reactions in both the short and long term, indicating that third-party certification adds value for stock investors. In addition, we analyse the underlying mechanisms that drive the value creation of third-party certification in green bond issuance. We find that third-party certification effectively reduces information asymmetries between firms and investors, induces firms to genuinely prioritise sustainable practices and improves firms' environmental performance, leading to increases in investor demand and firm value. Our further analysis reveals that third-party certification helps green bond issuers attract long-term investors, increases analyst coverage and induces positive opinions from the regulator on firm disclosure. Overall, this study documents that third-party certification of green bond issuers can generate real economic and environmental benefits for issuers.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.