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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。
Abstract：Green transformation and development is a global trend,but it often faces barriers in existing institutional settings that fail to internalize environmental externalities and to provide efficient capital markets,particularly in developing countries.To address the barriers,green finance has emerged in many countries as a new instrument dedicated to supporting green projects and to complementing existing policies.It is unclear,however,whether the new instruments attract investment more effectively than conventional financial instruments.An understanding of the investors' preferences is important to policy adjustments to better promote green development.To investigate whether green finance appeals to investors,we focus on China's stock market reaction to the issuance of green bonds.China initiated green finance policies in2015.As an important component,green bonds provide a way for companies to acquire green-project financial support in terms of energy savings,emission reductions,a circular economy,and so on by issuing bonds without being subject to the credit quotas prescribed by other regulations.Green bonds have developed smoothly during the past several years and are recognized as a key component in China's environmental governance system.By focusing on China's green bond market,we avoid a potential selection bias in crosscountry analyses,as countries have different institutional settings and introduced green bonds at different times.We collected data on all green bond issuances by listed companies in China's stock market from the first domestic bonds in early 2016 to the end of 2019,and data on all other bond issuances by the same companies during the same period.The bond data were matched with the companies' annual financial statistics in the prior year and with their daily stock yield as well as with other daily stock-market statistics.The merged dataset included 169 green bonds and 14811 other bonds from 61 companies.After dropping bonds with issuance dates close to other major events that may have affected stock prices so as to avoid potential confoundedness,the remainingdataset included 28-38 green bonds and 185-512 other bonds,depending on the event window.We first estimated the cumulative abnormal returns of stock prices following the issuance of either green bonds or other bonds based on an event study method.We then estimated the potential effects from green finance using regression analysis,with controls for bond attributes,company financial statistics and fixed effects,and year fixed effects.The event study results show that neither green bonds nor other bonds had significant effects on the stock yields of the issuing companies.Regression analysis further confirms that green finance has no significant effect on attracting or deterring investors relative to conventional bonds.There did not exist direct effects from green finance nor indirect effects via other companies or bond features that were conceived to affect bond issuance effects on stock yields.The results of no effect are robust in alternative specifications of the estimation window,the event window,the model to measure normal returns,and the sample.The findings indicate that investors in China's stock market do not prefer green projects,likely because of the fragmented nature of bond supervision,the investors' own preferences,or concerns about the actual performance of green projects.Given the importance of green bonds for China's endeavors to advance its environmental governance system,the findings suggest that the government should build a consensus across its supervisory agencies on green bond standards,make the certification process more reliable,and provide complementary financial support that better attracts investors to go green.
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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。
基本信息:
中图分类号:F832.51
引用信息:
[1]朱俊明,王佳丽,余中淇,等.绿色金融政策有效性分析：中国绿色债券发行的市场反应[J].公共管理评论,2020,2(02):21-43.
基金信息:
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