How to Explore the Potential of Green Bonds?—Based on Propensity Score Matching Method  

作　　者：Huilin Lu Mingxia Lyu Yirong Ying Huilin Lu;Mingxia Lyu;Yirong Ying(School of Economics, Shanghai University, Shanghai, China;Institution of Higher Education, Shanghai University, Shanghai, China;Xianda College of Economics & Humanities, Shanghai International Studies University, Shanghai, China)

机构地区：[1]School of Economics, Shanghai University, Shanghai, China [2]Institution of Higher Education, Shanghai University, Shanghai, China [3]Xianda College of Economics & Humanities, Shanghai International Studies University, Shanghai, China

出　　处：《Open Journal of Applied Sciences》2025年第1期374-388,共15页应用科学(英文)

摘　　要：Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.

关 键 词：Green Bonds Corporate Value Financing Constraints Information Transparency 

分 类 号：F42[经济管理—产业经济]