企业发行绿色债券的股价效应——基于碳中和债发行的实证研究  

Empirical Study on the Issuance of Carbon Neutrality:Stock Price Effect of Green Bonds Issued by Enterprises

作　　者：任康钰[1] 柴源汇 REN Kangyu;CHAI Yuanhui(International Business School,Beijing Foreign Studies University;School of Banking&Finance,University of International Business and Economics)

机构地区：[1]北京外国语大学国际商学院 [2]对外经济贸易大学金融学院

出　　处：《油气与新能源》2023年第1期67-76,共10页Petroleum and new energy

摘　　要：在“双碳”目标的大背景下,绿色金融的重要性日渐突显,其中绿色债券呈现出强劲的发展态势,尤其是2021年2月新出现的碳中和债,发行速度正在稳步提高。基于相关金融理论探讨碳中和债的宣告发行对相关公司股价的影响,并采用事件分析法对中国上市公司10次宣告发行进行实证检验。研究发现,有效市场理论和信号效应在中国金融市场中存在削弱现象;首批碳中和债并没有让发行主体享受到更低的融资成本,尚不能缓解企业投融资期限错配问题;对投资者吸引力也还较弱。围绕绿色债券最新品种开展实证研究,丰富并推进该领域研究的发展与完善,并提出相关政策建议。In the context of the“dual carbon”goal,green finance is becoming increasingly prominent,among which green bonds show a strong development trend.In particular,the carbon neutrality bond,which was born in February,2021,enjoys faster issuing in a steady way.Based on relevant financial theories,this paper discusses the impact of announcement and issuance of carbon neutral bonds on the stock prices of related companies,and empirically tests 10offering announcements of Chinese listed companies by way of event analysis method.According to the research,the theory of efficient market and signal effect are weakened in China’s financial market;the first group of carbon-neutral bonds do not allow issuers to enjoy lower financing costs,so it could not alleviate the maturity mismatch of enterprise investment and financing;it is also less attractive to investors.This paper will conduct empirical research on the latest types of green bonds,enrich and promote the development and improvement of research in this field,and put forth relevant policy suggestions.

关 键 词：绿色债券 碳中和债 事件研究法 股价效应 

分 类 号：F832[经济管理—金融学]