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论文编号：	16001
作者编号：	2120243836
上传时间：	2026/6/2 14:22:31
中文题目：	绿色债券与企业价值——基于信用利差的机制检验
英文题目：	Green Bonds and Firm Value: Mechanism Testing Based on Credit Spread
指导老师：	王永进
中文关键字：	绿色债券；信用利差；企业价值；绿色信誉；债券担保
英文关键字：	Green Bonds; Credit Spread; Corporate Value; Green Credibility; Bond Guarantee
中文摘要：	随着碳达峰、碳中和目标的提出，绿色产业发展迅速，为引导资源向绿色产业流动，绿色金融逐步兴起。绿色债券作为绿色金融的重要组成部分，为企业绿色项目融资提供了新渠道。企业通过绿色债券融资时需在债券募集说明书中披露绿色项目相关信息，以使投资者了解绿色项目的合规情况、经济效益与环境效益。发行绿色债券对企业价值的影响及绿色债券环境信息披露对企业价值的影响有待进一步研究。 本文以2016-2024年间发行绿色债券的非金融上市公司为研究对象，构建绿色债券对企业价值影响的研究模型，通过内容分析法、演绎推理法、实证检验法等研究方法，分析绿色债券发行、绿色债券环境信息披露对企业价值的影响，以及绿色债券环境信息披露影响企业价值的具体作用机制。同时考虑到绿色信誉的影响，从是否有担保的视角出发，研究绿色信誉对绿色债券环境信息披露与企业价值间关系的影响。 经过实证检验与稳健性检验，得出以下研究结论：（1）绿色债券发行对企业价值有显著的正向促进作用，即绿色债券发行这一事件本身有助于提升企业价值；绿色债券环境信息披露质量与企业价值存在显著正相关关系，企业在绿色债券募集说明书中对绿色项目的认证过程、环境效益、经济效益等方面的信息披露越具体详实，越有助于提升企业价值；（2）信用利差在绿色债券环境信息披露质量与企业价值间发挥中介作用，绿色债券环境信息的高质量披露有助于降低企业发行绿色债券时的信用利差进而提升企业价值；（3）绿色信誉在绿色债券环境信息披露质量与企业价值间发挥正向调节作用，绿色信誉良好的企业，其绿色债券环境信息披露质量对企业价值的正向促进效果更强。
英文摘要：	With the establishment of carbon peak and carbon neutrality targets, the green industry has witnessed rapid development. To channel resources into green industries, green finance has gradually gained prominence. Green bonds, as a pivotal component of green finance, offer a novel avenue for corporate financing of green projects. When raising funds through green bonds, companies are required to disclose pertinent information about green projects in the bond prospectus, enabling investors to grasp the compliance, economic returns, and environmental benefits of these projects. The impact of green bond issuance on corporate value, as well as the influence of green bond environmental information disclosure on corporate value, warrant further investigation. This study focuses on non-financial listed companies that issued green bonds between 2016 and 2024, constructing a research model to examine the impact of green bonds on corporate value. Utilizing content analysis, deductive reasoning, empirical testing, and other research methodologies, it analyzes the effects of green bond issuance and the quality of green bond environmental information disclosure on corporate value, along with the specific mechanisms through which green bond environmental information disclosure influences corporate value. Furthermore, considering the impact of green reputation, the study delves into the effect of green reputation on the relationship between green bond environmental information disclosure and corporate value from the perspective of guarantee provision. Following empirical testing and robustness checks, the following research conclusions are drawn: (1) The issuance of green bonds exerts a significant positive effect on corporate value, indicating that the act of issuing green bonds itself contributes to enhancing corporate value; there exists a significant positive correlation between the quality of environmental information disclosure in green bonds and corporate value. The more specific and comprehensive the information disclosed regarding the certification process, environmental benefits, and economic benefits of green projects in the green bond prospectus, the greater the enhancement to corporate value; (2) Credit spreads serve as a mediating variable between the quality of environmental information disclosure in green bonds and corporate value. High-quality disclosure of environmental information in green bonds aids in reducing credit spreads during green bond issuance, thereby bolstering corporate value; (3) Green reputation plays a positive moderating role between the quality of environmental information disclosure in green bonds and corporate value. For companies with a strong green reputation, the positive promotional effect of the quality of environmental information disclosure in green bonds on corporate value is more pronounced.
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