政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/158510

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/158510

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 117629/148660 (79%)
Visitors : 71723936 Online Users : 520

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Scope

please add "double quotation mark" for query phrases to get precise results

please goto advance search for comprehansive author search

Adv. Search

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

Goto mobile version

政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/158510

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/158510

Title:	企業發行綠色債券對資本結構之影響 The Impact of Corporate Green Bond Issuance on Capital Structure
Authors:	蘇冠綸 Su, Kuan-Lun
Contributors:	邱健嘉 Calvin J. Chiou 蘇冠綸 Su, Kuan-Lun
Keywords:	綠色債券資本結構 Green Bond Capital Structure
Date:	2025
Issue Date:	2025-08-04 14:08:11 (UTC+8)
Abstract:	本研究探討企業發行綠色債券後，對其資本結構所產生的影響。透過實證分析發現槓桿比率與綠色債券發行呈現正向關係，顯示綠色債券作為一種新興的融資工具，與傳統普通債券具有互補性，而非相互替代的關係。我認為這個結果可以呼應到Tang and Zhang (2020)中所發現的結果，也就是綠色債券的融資成本並沒有低於一般傳統債券的融資成本，因此對於企業來說沒有使用綠色債券替代一般傳統債券的誘因。本研究亦分析綠色債券發行對企業股權比例的影響，在考慮國家固定效果後，兩者關係為正向。此結果支持Flammer (2020) 的觀點，即發行綠色債券能向市場傳遞正面訊號，改善企業形象並吸引更多 ESG 投資者的關注，因此會推動股價上漲並增加更多的持有程度。 This paper explores the impact of green bond issuance on a company's capital structure. Through empirical analysis, it is found that there is a positive relationship between leverage ratio and green bond issuance, indicating that green bonds, as an emerging financing tool, are complementary to traditional bonds rather than substitutive. I believe this result aligns with the findings of Tang and Zhang (2020), which show that the financing costs of green bonds are not lower than those of traditional bonds. Therefore, companies have no strong incentive to replace traditional bonds with green bonds. This paper also examines the impact of green bond issuance on a company's equity ratio. After considering country fixed effects, the relationship is found to be positive. This result supports the view of Flammer (2020), suggesting that the issuance of green bonds can send a positive signal to the market, improve the company's image, and attract more attention from ESG investors. Consequently, it can drive stock prices up and increase shareholding.
Reference:	Atanassov, J. (2016). Arm’s length financing and innovation: Evidence from publicly traded firms. Management Science, 62(1), 128-155. Bachelet, M. J., Becchetti, L., & Manfredonia, S. (2019). The green bonds premium puzzle: The role of issuer characteristics and third-party verification. Sustainability, 11(4), 1098. Bai, J., & Ru, H. (2024). Carbon emissions trading and environmental protection: International evidence. Management Science, 70(7), 4593-4603. Fatica, S., & Panzica, R. (2021). Green bonds as a tool against climate change?. Business Strategy and the Environment, 30(5), 2688-2701. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516. Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of cleaner production, 219, 127-135. Ginglinger, E., & Moreau, Q. (2023). Climate risk and capital structure. Management Science, 69(12), 7492-7516. Lee, C. C., Li, X., Yu, C. H., & Zhao, J. (2022). The contribution of climate finance toward environmental sustainability: New global evidence. Energy Economics, 111, 106072. Ning, Y., Cherian, J., Sial, M. S., Álvarez-Otero, S., Comite, U., & Zia-Ud-Din, M. (2023). Green bond as a new determinant of sustainable green financing, energy efficiency investment, and economic growth: a global perspective. Environmental Science and Pollution Research, 30(22), 61324-61339. Russo, A., Mariani, M., & Caragnano, A. (2021). Exploring the determinants of green bond issuance: Going beyond the long‐lasting debate on performance consequences. Business Strategy and the Environment, 30(1), 38-59. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of Corporate Finance, 61, 101427.
Description:	碩士國立政治大學財務管理學系 112357036
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0112357036
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

Files in This Item:

File	Description	Size	Format
703601.pdf		625Kb	Adobe PDF	0	View/Open

All items in 政大典藏 are protected by copyright, with all rights reserved.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - Feedback