Does green bond issuance affect firm value? Evidence from China

Nannan Ban, Xinxin Che, Thomas Walker and Yunfei Zhao

Global Finance Journal, 2025, vol. 66, issue C

Abstract: In this article, we contribute to the theoretical and empirical literature on green finance in China by investigating the impact of green bond issuance on firm value, and exploring the moderating effect of green bond financing costs, as well as various other factors. We find that green bond issuance increases firm value from both a market performance and financial performance perspective. This effect varies with respect to regional green finance policies. Additionally, green bond issuance promotes institutional investor ownership. Finally, we observe that green bond financing cost plays a moderating role – mitigating the positive effect of green bond issuance on firm value.

Keywords: Firm value; Financing costs; Green bonds; China (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:66:y:2025:i:c:s1044028325000511

DOI: 10.1016/j.gfj.2025.101124

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