會議論文
| 學年 | 113 |
|---|---|
| 學期 | 2 |
| 發表日期 | 2025-06-14 |
| 作品名稱 | The Relationship between Green Bond Issuance and Corporate Performance |
| 作品名稱（其他語言） | 發行綠色債券與公司績效之關聯性分析 |
| 著者 | Huang Chien-Ming；Chen Wei-Ting；Yu-Hsiang Hsu |
| 作品所屬單位 | |
| 出版者 | |
| 會議名稱 | 2025 International Conference on Management Sciences and Decision Making |
| 會議地點 | 新北市，台灣 |
| 摘要 | In recent years, there has been an increasing focus on sustainable development within society. To achieve the sustainability goals set by governments, companies require equipment and capital that differ from their regular operational needs. Green bonds, as a sustainable financial instrument, serve as a crucial funding channel for enterprises. This study uses annual data from Chinese A-share listed companies spanning 11 years, from the beginning of 2012 to the end of 2022, as the sample. The EIV model is employed to estimate the relationship between the company's market performance, financial performance, and various variables. The empirical results show that the expected value of ESG performance, company size, financial leverage, market-to-book ratio, the period during the COVID-19 pandemic, issuance of green bonds, and interaction effect variables related to green bond issuance all have significant impacts on both return on assets and stock price returns. Additionally, if the results of the variables differ greatly under different model estimations, the estimated coefficients and standard errors of the high-order moment method using the EIV model will be smaller than those of the low-order moment method. This indicates that the higher-order moment method has better explanatory power, and its estimates are more accurate and efficient. |
| 關鍵字 | Green Bonds; Sustainable Bonds; Corporate Governance; Company Stock Price; Financial Performance |
| 語言 | en |
| 收錄於 | |
| 會議性質 | 國際 |
| 校內研討會地點 | 無 |
| 研討會時間 | 20250614~20250614 |
| 通訊作者 | |
| 國別 | TWN |
| 公開徵稿 | |
| 出版型式 | |
| 出處 | |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/127976 ) |