Research Article
Industrial Spillover Effects of Green Bond Issuance --Empirical Analysis Based on Multi-Period Double Difference Models
@INPROCEEDINGS{10.4108/eai.8-12-2023.2344353, author={Jingru Wu and Xiang Li and Han Hu}, title={Industrial Spillover Effects of Green Bond Issuance --Empirical Analysis Based on Multi-Period Double Difference Models}, proceedings={Proceedings of the 5th Management Science Informatization and Economic Innovation Development Conference, MSIEID 2023, December 8--10, 2023, Guangzhou, China}, publisher={EAI}, proceedings_a={MSIEID}, year={2024}, month={4}, keywords={green bonds debt financing cost spillover effect}, doi={10.4108/eai.8-12-2023.2344353} }- Jingru Wu
Xiang Li
Han Hu
Year: 2024
Industrial Spillover Effects of Green Bond Issuance --Empirical Analysis Based on Multi-Period Double Difference Models
MSIEID
EAI
DOI: 10.4108/eai.8-12-2023.2344353
Abstract
The purpose of this paper is to explore the industrial spillover effect, action mecha-nism and heterogeneity analysis of China's green bond issuance from 2014 to 2021 by the multi-period double difference model.The results of the study show that, first-ly, the issuance of green bonds can significantly reduce the cost of debt financing of other enterprises in the same industry, which has an industrial spillover ef-fect.Secondly, the spillover effect of the issuance of green bonds is mainly due to the learning and competition that increases the chance of issuance of other enterprises in the same industry, which in turn reduces the debt financing cost of enterpris-es.Third,there is industrial heterogeneity in green bonds, and the degree of spillover effect varies across different industries. Meanwhile, according to the characteristics of enterprises, the industrial spillover effect of green bonds issued by eco-friendly en-terprises and non-polluting enterprises is stronger.