This paper contributes to the existing literature by investigating the impacts of crude oil price shocks on financial markets through an examination of the effect of oil price shocks on the issuance of corporate green bonds. Green bond issuance has been growing fast over the past several years; despite this, the share of green bonds in the total bonds remains less than 1%. Using the Tobit model, multilevel longitudinal random intercept and random coefficient models, this study investigates the effect of flow oil-supply, flow oil-demand, and speculative oil-demand shocks on (1) participation in corporate green bond issuance and (2) share of corporate green bond issuance in all bonds. We find that flow supply shocks, flow demand shocks and government issuance of sovereign green bonds have a positive and significant effect on the likelihood of participation in the issuance of corporate green bonds, but shocks have no significant impact on the share of the green bond issuance. Our results are robust and hold when using alternative models; they also survive a range of robustness tests.

本文通过考察油价冲击对企业绿色债券发行的影响，调查原油价格冲击对金融市场的影响，从而为现有文献做出贡献。过去几年，绿色债券发行量快速增长；尽管如此，绿色债券在债券总额中的占比仍不足 1%。本研究使用 Tobit 模型、多级纵向随机截距和随机系数模型，研究流动石油供应、流动石油需求和投机石油需求冲击对 (1) 参与企业绿色债券发行和 (2) 的影响。企业绿色债券发行在所有债券中的份额。我们发现流量供应冲击，流量需求冲击和政府发行主权绿色债券对参与发行企业绿色债券的可能性有显着的正向影响，但冲击对绿色债券发行的份额没有显着影响。当使用替代模型时，我们的结果是稳健且成立的；它们还可以通过一系列稳健性测试。