Green bonds are a financial tool that has been vigorously promoted in the global green finance field in recent years. Since 2013, the global issuance of green bonds has seen explosive growth. China's green bond market has made great progress, rising to the top tier of global rankings. In this paper, Chinese listed companies that issue green bonds are used as the research object to explore the impact of green bond issuance on companies, including the impact of the announcement of green bond issuance on companies’ stock prices, as well as the impact of green bond issuance on companies’ financial performance and corporate social responsibility (CSR). The empirical results indicate that announcements of green bonds issuance have a positive impact not only on companies’ stock prices, companies' profitability, and operational performance, but also on innovation capacity, and can improve companies' CSR. Overall, the issuance of green bonds has a positive impact on companies, can contribute to environmental improvement, promotes CSR and value creation, and helps to attract investors to some extent.
Abstract:The software defined networking (SDN) enabled by OpenFlow protocol has gained popularity which can enable the network to be programmable and accommodate both fixed and flexible bandwidth services. In this paper, we present a unified multi-layer (UML) architecture with multiple controllers and a dynamic orchestra plane (DOP) for software defined multi-domain optical networks. The proposed architecture can shield the differences among various optical devices from multi-vendors and the details of connecting heterogeneous networks. The cross-domain services with on-demand bandwidth can be deployed via unified interfaces provided by the dynamic orchestra plane. Additionally, the globalization strategy and practical capture of signal processing are presented based on the architecture. The overall feasibility and efficiency of the proposed architecture is experimentally verified on the control plane of our OpenFlow-based testbed. The performance of globalization strategy under heavy traffic load scenario is also quantitatively evaluated based on UML architecture compared with other strategies in terms of blocking probability, average hops, and average resource consumption.
OPEN ACCESSElectronics 2015, 4 330
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