摘要
经济高速发展的今天，环境正遭受着严重的破坏。面对这一问题习近平总书记认
为，绿色发展是构建高质量现代化经济体系的必然要求，是解决污染问题的根本之策。
发展绿色金融是推进绿色发展的一项重要措施，绿色金融是指对环保、节能等绿色项
目投融资等提供的金融服务，其中包括信贷、债券、基金等方式。因此研究绿色债券
发行对上市公司价值的影响情况、基于公司所有权绿色债券发行对上市公司价值的影
响情况与差异、基于绿色债券发行次数绿色债券发行对上市公司价值的影响情况与差
异以及对以上五个样本基于融资成本绿色债券发行对上市公司价值影响的中介效应
进行研究，有助于投资者、公司、政府对绿色债券有更加详细的了解。
本文首先从资本结构、社会责任投资、外部性、效用最大化理论出发分析绿色债
券发行对上市公司价值的影响情况和绿色债券发行是否基于融资成本对上市公司价
值产生影响。
然后从实证出发，采用 2015年第一季度至 2020年第三季度上市公司季度面板数
据通过倾向性得分匹配模型和 Bootstrap模型分别对绿色债券发行对上市公司价值的
影响情况和绿色债券发行是否基于融资成本对上市公司价值产生影响进行研究，研究
结论如下：（1）在总体样本中，绿色债券发行对上市公司价值具有积极影响；基于
融资成本绿色债券发行对上市公司价值影响的中介效应显著；（ 2）在国有样本与非
国有样本中，绿色债券发行对上市公司价值具有积极影响，但是非国有公司发行绿色
债券比国有公司发行绿色债券带来的价值增加更明显；在国有样本中，基于融资成本
绿色债券发行对上市公司价值影响的中介效应不显著；在非国有样本中，基于融资成
本绿色债券发行对上市公司价值影响的中介效应显著；（ 3）在单次样本与多次样本
中，绿色债券发行对上市公司价值具有积极影响，但是发行多次的公司发行绿色债券
比发行单次公司发行绿色债券带来的价值增加更明显；在单次样本中，基于融资成本
绿色债券发行对上市公司价值影响的中介效应显著；在多次样本中，基于融资成本绿
色债券发行对上市公司价值影响的中介效应不显著。
最后针对绿色债券存在的问题和实证结果提出相关建议。
关键词：公司价值；绿色债券；融资成本；倾向得分匹配法；中介效应
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ABSTRACT
Today, with the rapid economic development, the environment is suffering serious
damage. In the face of this problem, General Secretary Xi Jinping believes that green
development is an inevitable requirement for building a high-quality modern economic
system and a fundamental solution to the pollution problem.The development of green
finance is an important measure to promote green development. Green finance refers to the
provision of financial services for investment and financing of environmental protection,
energy conservation and other green projects, including credit, bonds and funds. So the
green bond issuance to the listed company value influence situation, based on the
ownership of green bonds issued by the company of the listed company value influence and
differences, based on the number of green bonds issued green bonds issued to the listed
company value influence situation and differences as well as to the above five samples
based on the cost of financing green bonds issued the mediation effect of the listed
company value influence Research can help investors, companies and governments have a
more detailed understanding of green bonds.
Firstly, this paper analyzes the impact of green bond issuance on the value of listed
companies from the perspectives of capital structure, socially responsible investment,
externality and utility maximization, and whether green bond issuance has an impact on the
value of listed companies based on financing costs.
Then embarks from the empirical, the in the first quarter of 2015-2020 in the third
quarter quarter panel data of listed companies through the propensity score matching model
and the Bootstrap method respectively for green bond issuance of the listed company value
influence and green bond issue is based on the influence on the value of listed companies,
the cost of financing research conclusion is as follows: (1) In the overall sample, green
bond issuance has a positive impact on the value of listed companies; The mediating effect
of green bond issuance based on financing cost on the value of listed companies is
significant. (2) In the state-owned and non-state-owned samples, the issuance of green
bonds has a positive impact on the value of listed companies, but the performance increase
caused by the issuance of green bonds by non-state-owned companies is more obvious than
that of state-owned companies; In the state-owned sample, the mediating effect of green
bond issuance based on financing cost on the value of listed companies is not significant; In
the non-state-owned sample, the mediating effect of green bond issuance based on
financing cost on the value of listed companies is significant; (3) In the single sample and
III
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