中文摘要
我们对2013年至2022年间发行的绿色债券的分析揭示了股东对此类资产的独特偏好，尤其是在金融机构中尤为明显。在二级市场上，与匹配样本相比，金融机构发行的绿色债券以8.2个基点的“绿色溢价”交易，这可能归因于金融机构在将资金引导至绿色贷款方面的努力。以往记录绿色债券发行带来正向股价反应的研究仅局限于金融机构和特定发行人。在绿色债券发行前排放较高的绿色债券发行人报告称，发行后此类排放的下降并不显著。我们对这些“守门人”可持续贷款实践的分析表明，绿色债券市场获得的绿色溢价并未传导至绿色贷款市场。此外，借款人的表现在短期内保持不变，表明守门人缺乏尽职调查。本研究凸显了金融市场与环境管理之间的复杂关系。本文由会计领域编辑Ranjani Krishnan接收。资助：作者感谢哥伦比亚商学院、福特汉姆大学、哈佛大学（公司治理项目）和麻省理工学院斯隆管理学院（可持续发展倡议）的资助。补充材料：在线附录和数据文件可在 https://doi.org/10.1287/mnsc.2023.00961 获取。
Abstract
Our analysis of green bonds issued between 2013 and 2022 reveals a distinctive shareholder preference for such assets, particularly among financial institutions. In the secondary market, the green bonds issued by financial firms’ trade at a “greenium” of 8.2 basis points compared with matched samples, which is attributed potentially to the financial firms’ efforts in channeling funds to green loans. Past work documenting a positive stock price reaction to the issuance of green bonds is isolated to financial firms and to specific issuers. Issuers of green bonds with higher emissions before the green bond issue report an insignificant reduction in such emissions after issuance. Our analysis of the sustainable lending practices of these gatekeepers reveals that the greenium earned in the green bond market does not translate to the green loan market. Furthermore, the borrowers’ performance remains unchanged in the short term, indicating a lack of due diligence by the gatekeepers. This study underscores the complex relationship between financial markets and environmental stewardship. This paper was accepted by Ranjani Krishnan, accounting. Funding: The authors acknowledge financial assistance from Columbia Business School, Fordham University, Harvard University (Program on Corporate Governance), and MIT Sloan (Sustainability Initiative). Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.00961 .