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Reduced Profitability of Green Bond Issuance : Evidence from China / Yilin Cai, Meng Feng, Yueming (Lucy) Qiu, Yi David Wang.
- Format:
- Book
- Government document
- Author/Creator:
- Cai, Yilin.
- Series:
- IMF Working Papers; Working Paper ; No. 2026/082
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (30 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2026.
- Summary:
- This paper uses a multi-time period difference-in-differences model to evaluate the effect of green bond issuance on the profitability of heavy-polluting enterprises listed on China's A-share market. Results reveal that the average treatment effect of green bond issuance on heavy-polluting firms’ ROE is significantly negative. Therefore, it suggests that green bond issuance requires issuing firms to give up a large amount of their profitability to develop green project and achieve green transformation. Heterogeneity analyses demonstrate that such issuance has a negative effect on firms’ profitability, which varies across different ownership, regions, and industries. Overall, these results are consistent with the concept that green bond issuance binds heavy-polluting companies to be more mindful of their polluting activities.
- Notes:
- Description based on print version record.
- ISBN:
- 9798229045537
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