1. Introduction -- 3

2. Literature Review -- 4

2.1 Influence of Green Bonds -- 4

2.1.1 Financial performance and comparison with traditional bonds -- 4

2.1.2 Market and Investor Responses -- 5

2.1.3 Pricing and Spillover Effects -- 5

2.2 Connection between Green Bonds and Heavy-polluting Industry -- 5

2.2.1 Innovation, Regulation, and Long-term Profitability -- 6

2.2.2 Financial and Compliance Costs of Green Bond Issuance -- 6

2.2.3 Context-dependent ROE Outcomes and Policy Implications -- 7

3. Hypotheses -- 7

4. Data and Methodology -- 8

4.1 Definition of the Variables -- 8

4.2 Sample and Data Source -- 9

4.3 Methodology and Model Setting -- 10

5. Empirical Analysis -- 11

5.1 Descriptive Analysis -- 11

5.2 The Exogenous Test of Green Bonds Issuance -- 11

5.3 Empirical Results -- 12

5.4 Dynamic Parallel Trend Test -- 13

5.5 Heterogeneous Analysis -- 14

6. Conclusions and Implications