密级：
河北地质大学硕士学位论文
非金融类上市企业发行绿色债券
对企业价值影响研究
论 文 作 者： 方子晴学 生 类 别： 全日制
一 级 学 科： 应用经济学 学 科 专 业： 金融学
指 导 教 师： 岳娟丽职 称：副教授
Dissertation Submitted to
Hebei GEO University
for
The Master Degree of
Finance
Research on the impact of non-financial listed enterprises issuing
green bonds on enterprise value
by
Fang Ziqing
Supervisor: Prof. Yue Juanli
December 2022
摘 要
推动经济社会绿色转型，实现经济高质量发展，需要投入大量资金，依靠财政收
入很难满足资金需求的缺口。绿色债券作为绿色金融市场重要的融资工具，可以拓宽
企业的融资渠道。本文以非金融类上市企业为研究对象，选取 2016 年至 2021 年发行
绿色债券的企业，利用事件分析法、倾向指数匹配法以及 Bootstrap 法深入探究发行
绿色债券对企业价值的影响，并从发行方、投资者以及政府三个方面提出相应的政策
建议。主要研究过程的思路如下：首先，选取事件分析法，研究发行绿色债券的上市
企业的股价效应。其次，运用倾向指数匹配法，分析发行绿色债券对企业财务绩效的
影响。最后，选取 Bootstrap 法，将投资者情绪作为研究绿色债券对发行企业绩效的
影响的中介变量，进行中介效应检验。研究的结果如下：
（1）发行绿色债券的非金融类上市企业，股价累积异常报酬率统计结果显著，
能够为投资者带来超额回报率，企业发行绿色债券可以提升公司价值。
（2）以净资产收益率衡量企业价值，发行绿色债券的非金融类上市企业的净资
产收益率显著于没有发行绿色债券的企业，意味着发行绿色债券能够提升非金融类上
市企业价值。将研究主体按照国有和非国有企业进行区分，当国有和非国有企业发行
绿色债券时，结果显示均起到提升企业价值的作用。与国有企业相比，非国有企业的
表现更好。发行绿色债券符合国家号召的经济可持续发展的观念的。
（3）当企业发行绿色债券时，投资者情绪能够对提升企业自身的价值起到作用。
对于不同的研究主体，国有企业与非国有企业中介效应显著。
以上述研究为基础，从发行方、投资者以及政府提出建议，鼓励不同市场主体参
与绿色债券的发行；培育市场投资者的投资意识；进一步完善绿色债券的顶层设计，
加强与国际绿色债券市场合作和交流。使市场各主体认识到发行绿色债券的优势，促
进绿色金融和绿色经济的发展，推动我国经济绿色转型。
关键字：绿色债券；企业价值；事件分析法；PSM
I ABSTRACT
To promote green economic and social transformation and achieve high-quality
economic development, we need to invest a large amount of money. It is difficult to rely on
fiscal revenue to meet the gap in funding needs. As an important financing tool in the green
finance market, green bonds can broaden the financing channels of enterprises. This paper
takes non-financial listed enterprises as the research object, selects green bonds issued from
2016 to 2021, uses the event analysis method, propensity index matching method and
Bootstrap method to deeply explore the impact of green bond issuance on enterprise value,
and puts forward corresponding policy suggestions from three levels: issuer, investor and
government. The main ideas of the research process are as follows: First, the event analysis
method is selected to study the stock price effect of listed companies that issue green bonds.
Secondly, the propensity index matching method is used to analyze the impact of green
bond issuance on corporate performance. Finally, the Bootstrap method is selected to take
investor sentiment as the mediating variable to study the impact of green bonds on the
performance of issuing enterprises, and the mediating effect is tested. The results of the
study are as follows:
(1) For non-financial listed companies that issue green bonds, the statistical results of
cumulative abnormal rate of return on stock price are significant, which is beneficial to the
stock price of the company and can bring excess rate of return to investors. The issuance of
green bonds can enhance the value of the company.
(2) Corporate value is measured by ROE. Roe of non-financial listed companies that
issue green bonds is significantly higher than that of companies that do not issue green
bonds, which means that issuing green bonds can improve the value of non-financial listed
enterprises. The research subjects are divided according to state-owned and
non-state-owned enterprises. When state-owned and non-state-owned enterprises issue
green bonds, they play a role in enhancing enterprise value. Compared with state-owned
enterprises, non-state-owned enterprises have performed better. Issuing green bonds
conforms to the concept of sustainable economic development called for by the state.
(3) Investor sentiment, as an intermediary variable, can play a role in improving the
value of an enterprise when it issues green bonds. For different research subjects, the
mediating effect of state-owned enterprises and non-state-owned enterprises is significant.
On the basis of the above research, suggestions are put forward from issuers, investors
II
and governments to encourage different market players to participate in the issuance of
green bonds; Cultivate the investment consciousness of market investors; We will further
improves the top-level design of green bonds and green bond laws and regulations, and
strengthens cooperation and exchanges with the international green bond market. Make
each main body of the market realize the advantages of green bonds, help the development
of green finance and green economy, promote our country;s economic green transformation.
KEYWORDS: Green bonds；Enterprise performance；Event analysis；PSM
III