{"title":"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","authors":"Jiongye Jin, Jianing Zhang","doi":"10.1007/s10690-022-09386-4","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The Stock Performance of Green Bond Issuers During COVID-19 Pandemic: The Case of China\",\"authors\":\"Jiongye Jin, Jianing Zhang\",\"doi\":\"10.1007/s10690-022-09386-4\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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.</p></div>\",\"PeriodicalId\":54095,\"journal\":{\"name\":\"Asia-Pacific Financial Markets\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.5000,\"publicationDate\":\"2022-12-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia-Pacific Financial Markets\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://link.springer.com/article/10.1007/s10690-022-09386-4\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Financial Markets","FirstCategoryId":"1085","ListUrlMain":"https://link.springer.com/article/10.1007/s10690-022-09386-4","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
The Stock Performance of Green Bond Issuers During COVID-19 Pandemic: The Case of China
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.
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
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