近年來，社會對於永續發展的關注日益增加，為了達到政府所設立之永續性目標，企業需要不同於以往日常營運的設備與資金，綠色債券作為一種可持續性金融工具，正是企業最關鍵的募集資金管道。本研究採用中國A股上市公司2012年初至2022年底共計11年的年資料為樣本，並使用EIV模型估計公司的市場績效及財務績效與各變數之間的關聯性。實證結果顯示，ESG表現期望值、公司規模、財務槓桿、市價淨值比、新冠肺炎疫情期間、綠色債券發行與否及其他與綠色債券發行之互動效應變數對資產報酬率及股價報酬率具有顯著影響力。另外，若變數之間在不同的模型估計結果中具有巨大差異。

In recent years, there has been an increasing focus on sustainable development within society. To achieve the sustainability goals set by governments, companies require equipment and capital that differ from their regular operational needs. Green bonds, as a sustainable financial instrument, serve as a crucial funding channel for enterprises. This study uses annual data from Chinese A-share listed companies spanning 11 years, from the beginning of 2012 to the end of 2022, as the sample. The EIV model is employed to estimate the relationship between the company’s market performance, financial performance, and various variables. The empirical results show that the expected value of ESG performance, company size, financial leverage, market-to-book ratio, the period during the COVID-19 pandemic, issuance of green bonds, and interaction effect variables related to green bond issuance all have significant impacts on both return on assets and stock price returns.