Can corporate green bond issuance reduce stock price collapse risk?
企業のグリーンボンド発行は株価暴落リスクを低減できるか (AI 翻訳)
Ziming Liu, Hefa Gui, Ling Hu
🤖 gxceed AI 要約
日本語
本研究は、中国企業を対象に、グリーンボンド発行が株価暴落リスクに与える影響を分析。グリーンボンドは情報非対称性の緩和と投資家関心の喚起を通じてリスクを低減するが、その効果は持続的ではない。内部の環境情報開示の質や外部の資源配分効率が高いほど、リスク管理機能が強化される。
English
This study examines the impact of green bond issuance on stock price crash risk using Chinese listed firms. Green bonds reduce crash risk through information asymmetry and investor attention mechanisms, but the effect is not sustainable. Higher environmental disclosure quality and external resource allocation efficiency strengthen this risk management function.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではグリーンボンド市場が拡大中だが、発行企業のリスク管理効果に関する実証研究は限られる。本稿は、グリーンボンドが単なる資金調達手段ではなく、株価安定化にも寄与する可能性を示唆し、日本の発行体や投資家にとって参考となる。
In the global GX context
While green bonds are often studied for their environmental impact, this paper provides novel evidence on their risk management function, relevant to global climate finance literature. It highlights how green bonds can mitigate stock crash risk, offering insights for issuers and investors in markets like the EU and US where green bond issuance is growing.
👥 読者別の含意
🔬研究者:Provides a causal mediation analysis framework for studying green bond impacts on firm risk, applicable to other markets.
🏢実務担当者:Corporate sustainability teams can use these findings to communicate the risk-reduction benefits of green bond issuance to investors.
🏛政策担当者:Regulators may consider promoting green bond issuance as a tool for financial stability, though the non-sustainability of effects warrants caution.
📄 Abstract（原文）
Purpose The purpose of this paper is to reveal the effect of green bonds in managing stock crash risk, that is, whether green bond affect the stock price crash risk. Design/methodology/approach Given that Chinese companies listed are significantly impacted by transition and stock price crash risks, we take them as the research sample and employ a two-way fixed-effect panel regression model to examine whether green bonds serve a risk management function by exploring the impact of green bond issuance on stock price crash risk. Additionally, we utilize a causal mediation effect test model based on instrumental variables to explore the specific paths of this influence and the function asymmetry in different internal and external conditions. Findings Green bonds serve a risk management function. The issuance of green bonds by enterprises can help reduce the risk of stock price collapse, but this effect is not sustainable. Green bonds mainly affect stock price crash risk through the information asymmetry mechanism and investor concern mechanism. Higher quality corporate environmental information, greater efficiency in external resource allocation and a stronger risk management function. Originality/value First, we reveal the risk management functions concerning both transformation and stock price crashes risk of green bonds. Second, we introduce a causal intermediary mechanism model based on instrumental variables to test the mechanisms of the green bond impact on stock crash risk. Third, according to the differences between internal and external factors, we analyze variation in the risk management function of green bonds under different internal environmental information and external resource allocation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1108/md-03-2024-0655first seen 2026-05-05 19:07:43
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