企业发行绿色债券的经济与环境后果研究

An Empirical Research on the Financial and Environmental Results of Corporate Green Bond Issuance

绿色债券作为全球重要的绿色金融工具,研究其发行后果具有重要的理论和现实意义。基于2011—2020年A股非金融上市公司数据,采用双重差分法实证检验企业发行绿色债券的经济与环境后果,结果表明:发行绿色债券能够显著提升发行企业的经济价值,同时也能改善环境表现,实现“双赢”绩效,并且在重污染行业和民营企业表现得更为明显;机制分析显示,经济价值的提升主要源于声誉效应,绿色债券发行能够通过降低融资约束和提高机构持股比例等途径提升发行企业的经济价值,而环境表现的改善主要受制于监督效应,受社会无形监督和制度有形监督越强的企业,其发行绿色债券能够实现的环境改善效果越明显。此外,绿色债券发行还具有可持续性的绿色创新激励效应。绿色债券有望成为促进经济高质量发展的有效工具,并为完善绿色金融体系和促进绿色低碳发展带来有益的政策启示。

As an important global green financial instrument,it is of great theoretical and practical significance to study the consequences of the issuance of green bonds.Based on the data of A-share non-financial listed companies from 2011 to 2020 and Difference-in-Difference model,this paper tests the financial and environmental consequences of green bond issuance.The results show that the issuance of green bonds can significantly improve the financial value and environmental performance of issuing companies at the same time,that is,achieving a“win-win”result.Heterogeneity analysis shows that the practical performance of green bond issuance is more significant in heavy pollution industries and private enterprises.Mechanism analysis shows that the ascension of financial value is resulted from the reputation effect.Through reducing financing constraints and improving the institutional ownership,issuers of green bonds can obtain higher financial value.However,the improvement of environmental performance is mainly subject to the supervision effect.The stronger the company is subject to social invisible supervision and institutional visible supervision,the more obvious the environmental improvement effect can be achieved by issuing green bonds.Further analysis shows that the issuance of green bonds also has sustainable incentive effect on green innovation.The results of this study provide useful policy implications for improving the green financial system and promoting green and low-carbon development.