绿色债券发行是否影响企业价值？来自中国的证据

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-05-15 DOI:10.1016/j.gfj.2025.101124

Nannan Ban , Xinxin Che , Thomas Walker , Yunfei Zhao

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引用次数: 0

摘要

本文通过研究绿色债券发行对企业价值的影响，并探讨绿色债券融资成本以及其他各种因素的调节作用，为中国绿色金融的理论和实证文献做出贡献。我们发现，无论是从市场绩效还是财务绩效的角度来看，绿色债券的发行都增加了企业价值。这种效应因区域绿色金融政策而异。此外，绿色债券的发行促进了机构投资者的所有权。最后，我们观察到绿色债券融资成本具有调节作用——减缓绿色债券发行对企业价值的正向影响。

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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Does green bond issuance affect firm value? Evidence from China

In this article, we contribute to the theoretical and empirical literature on green finance in China by investigating the impact of green bond issuance on firm value, and exploring the moderating effect of green bond financing costs, as well as various other factors. We find that green bond issuance increases firm value from both a market performance and financial performance perspective. This effect varies with respect to regional green finance policies. Additionally, green bond issuance promotes institutional investor ownership. Finally, we observe that green bond financing cost plays a moderating role – mitigating the positive effect of green bond issuance on firm value.

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.