China's rapid development in the context of carbon neutrality has positioned it as the global leader in green bond issuance. As the Chinese A-share market continues to slump, adverse shocks are accumulating. Thus, the question arises: How will the issuance of green bonds (GB) impact stock price crash risk (SPCR)? The present study utilizes datasets of Chinese A-share listed firms from 2012 to 2022 and conducts a differences-in-difference analysis to address this inquiry. The findings indicate that issuing GB can significantly reduce SPCR, suggesting that GB plays a stabilizing role in the capital market. This effect remains robust after consideration of parallel trend testing, placebo tests, propensity score matching, replacement of explained variables, and controlling for geographic and industrial factors. The mechanism studies demonstrate that the issuance of GB can effectively alleviate financing constraints faced by companies and reduce SPCR through the financing constraints mechanism. The issuance can also enhance firm exposure and attract investor attention, thereby mitigating SPCR through the investor attention mechanism. The issuance contributes to the formation of a positive reputation image among investors and can diminish SPCR through the investor sentiment mechanism. The heterogeneity analyses show that the depressive effect of issuing GB on SPCR is more pronounced in state-owned enterprises, heavily polluting industries, and regions with a higher degree of marketization. Further discussion suggests that given the influence of externalities, the green signals released when a firm issues GB can spread within the capital market, generating a positive spillover effect on the decrease in SPCR of other firms in the same region and a negative spillover effect on the increase in SPCR of other firms in the same industry. This study not only confirms GB's stabilization role in the capital market, but also offers theoretical insights for improving the institutional design of the green bond market and promoting sustainable green development.

Keywords: Capital market stabilization; Green bonds; Spillover effect; Stock price crash risk.

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在中国实现碳中和的背景下，中国绿色债券发行的迅速发展使其成为全球绿色债券发行的领导者。随着中国A股市场的持续疲软，负面冲击不断积累，因此产生了这样的问题：发行绿色债券（GB）将如何影响股票价格崩盘风险（SPCR）？本研究利用2012年至2022年间中国A股上市公司的数据，并采用差分法分析来回答这个问题。研究表明，发行绿色债券可以显著降低股票价格崩盘风险，表明绿色债券在资本市场中发挥了稳定作用。这种效果在平行趋势检验、安慰剂测试、倾向得分匹配以及解释变量替换和控制地理及行业因素后依然稳健。

机制研究显示，发行绿色债券可以通过融资约束机制有效缓解公司面临的融资限制，并通过投资者关注机制增加公司的曝光度，吸引投资者的关注，从而降低股票价格崩盘风险。此外，发行绿色债券有助于在投资者中形成积极的声誉形象，通过投资者情绪机制减少股票价格崩盘风险。

异质性分析表明，国有企业、重污染行业以及市场化程度较高的地区，在发行绿色债券后对股票价格崩盘风险的负面影响更为显著。进一步讨论指出，鉴于外部性的存在，当企业发行绿色债券时释放出的绿色信号可以在资本市场中传播，从而对该地区的其他公司降低股票价格崩盘风险产生积极溢出效应，并对同一行业的其他公司的增加股票价格崩盘风险产生消极溢出效应。

本研究不仅确认了绿色债券在资本市场的稳定作用，还为完善绿色债券市场制度设计和促进可持续绿色发展提供了理论启示。
关键词： 资本市场稳定性；绿色债券；溢出效应；股票价格崩盘风险。