Research on the Market Effect of Corporate Green Bond Issuance——Taking SF Taisen as an Example

Abstract

Against the backdrop of sustained economic growth and the proposal of China’s "dual carbon" goals, the green financial market has expanded rapidly. As a core component of green finance, green bonds have become a key driver of the green economy. Currently, green bonds are predominantly issued by large central and state-owned enterprises with high credit ratings, while private enterprises account for a very small share of issuers. Nevertheless, the market-oriented development of the green bond market is an inevitable trend that requires broader participation from private firms. As the first private enterprise in China to issue carbon-neutral green bonds, SF Taisen is selected as the research object to analyze its green bond issuance and corresponding market effects from a micro perspective. The empirical results indicate that SF Taisen’s green bond issuance triggered a short-term positive stock price rebound, but the overall cumulative market effect was significantly negative. The firm should further improve its green bond information disclosure and broaden the application scope of green bond financing.