Research on the Impact of Green Bonds on Credit Risk of Manufacturing Enterprises

This article takes 30 listed enterprises in the manufacturing industry as samples, uses the KMV model to measure the default distance, and tests the validity of the measurement results to investigate whether issuing green bonds has a potential impact on the credit risk of enterprises. The results show that the KMV model has a better ability to predict corporate credit risk; and enterprises that have issued green bonds generally have lower credit risk due to signaling effects and other effects. Finally, this article puts forward relevant recommendations such as policy support and database construction based on the research results. This article provides a basis for enterprises to broaden financing channels and strengthen credit risk management.