Research on the Impact of Issuing Green Bonds on the Corporate Value of Listed Companies in China

To study the impact of green bond issuance on the value of issuing entities, this paper uses panel data of green bond issuance by Chinese A-share listed companies from 2015 to 2023, and employs a multi period difference in differences (DID) model to empirically analyze the value changes before and after the issuance of green bonds by enterprises. The research results indicate that firstly, issuing green bonds can significantly improve the TobinQ value of enterprises, that is, green bonds have a positive impact on enterprise value. Secondly, the reduction of debt financing costs has played a partial intermediary role between green bonds and corporate value. Thirdly, in heterogeneity analysis, enterprises in the eastern region and polluting industries are more significantly affected by green bonds.