朱俊明,王佳丽,余中淇,杨姝影,文秋霞

• 1:清华大学公共管理学院
• 2:生态环境部环境与经济政策研究中心环境经济与管理政策研究部

摘要(Abstract)：

服务于绿色发展的金融政策有助于缓解环境外部性与资本市场失灵,近年来应用广泛。但针对绿色项目的融资支持政策能否通过传递绿色信号,区别于传统融资模式,更有效地吸引社会投资,尚没有明确研究证据。本文以截至2019年末中国上市公司所有绿色债券发行及其同期的传统债券发行为研究对象,结合事件研究与横截面回归,实证检验债券发行的股票市场影响及绿色融资的差异效果。结果表明,绿色及传统债券发行对公司股票收益率均无显著影响,两类影响间也不因融资的绿色属性存在显著差异。在发挥传统融资功能外,绿色债券尚不能更好地吸引社会投资。

关键词(KeyWords)： 绿色金融;绿色债券;事件研究;横截面回归;绿色发展

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金青年项目“碳排放权交易的政策效率、社会影响及作用机制：基于准实验设计的研究”（项目批准号：71704092）;; 国家社会科学基金重大项目“联合国可持续发展议程评估体系建设及实现路径研究”（项目批准号：17ZDA077）;; 清华大学自主科研计划“环保管理体制的政策评估与政策过程：信息、执行及效果”（项目批准号：2017THZWYY08）;; 仲英青年学者项目资助

作者(Author): 朱俊明,王佳丽,余中淇,杨姝影,文秋霞

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• (1)2016年1月中国发行第一支绿色债券。
• (1)在CSMAR数据库中，以“境内发行的绿色债券信息表”确定绿色债券范围，以“债券基本情况表”补充传统债券信息。
• (1)这一稳健性检验来自于对审稿人的回应，在此表示感谢。在[-180,-11]的估计期下，得到对应[-1,1]事件期的清洁样本为38支绿色债券和730支传统债券，对应[-2,2]事件期的清洁样本为34支绿色债券和604支传统债券，对应[-3,3]事件期的清洁样本为33支绿色债券和512支传统债券，对应[-4,4]事件期的清洁样本为33支绿色债券和444支传统债券，对应[-5,5]事件期的清洁样本为28支绿色债券和399支传统债券。