Green Bonds, Corporate Performance, and Corporate Social Responsibility

被引：91
|
作者：
Zhou, Xiaoguang [1 ]
Cui, Yadi [1 ]
机构：
[1] Univ Sci & Technol Beijing, Donlinks Sch Econ & Management, Beijing 100083, Peoples R China
来源：
SUSTAINABILITY | 2019年 / 11卷 / 23期
基金：
中国国家自然科学基金;
关键词：
green bonds; corporate performance; corporate social responsibility; environmental improvement; STOCK-MARKET REACTION; CONVERTIBLE BOND; FINANCIAL PERFORMANCE; EMPIRICAL-ANALYSIS; EVENT; ORGANIZATIONS; GOVERNANCE; INNOVATION; SPILLOVER; SELECTION;
D O I：
10.3390/su11236881
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
Green bonds are a financial tool that has been vigorously promoted in the global green finance field in recent years. Since 2013, the global issuance of green bonds has seen explosive growth. China's green bond market has made great progress, rising to the top tier of global rankings. In this paper, Chinese listed companies that issue green bonds are used as the research object to explore the impact of green bond issuance on companies, including the impact of the announcement of green bond issuance on companies' stock prices, as well as the impact of green bond issuance on companies' financial performance and corporate social responsibility (CSR). The empirical results indicate that announcements of green bonds issuance have a positive impact not only on companies' stock prices, companies' profitability, and operational performance, but also on innovation capacity, and can improve companies' CSR. Overall, the issuance of green bonds has a positive impact on companies, can contribute to environmental improvement, promotes CSR and value creation, and helps to attract investors to some extent.
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页数：27
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