绿色债券对公司绿色创新的影响研究

The Impact of Green Bonds on Corporate Green Innovation

在碳达峰和碳中和的目标下,绿色债券成为国家推动绿色经济发展的重要金融工具。但“漂绿”风险的存在,使绿色债券是否能够发挥其积极作用、提升企业绿色创新能力和助力企业绿色转型存疑,为此以上市公司发行绿色债券为契机,深入研究公司发行绿色债券对绿色创新的影响。研究发现,公司发行绿色债券后,其绿色创新能力显著提升。绿色债券可以通过缓解融资约束、提高信息透明度来提升公司的绿色创新能力。进一步分析发现,在外部舆论关注强度大、委托代理问题较严重的公司中,绿色债券提升绿色创新能力的作用更显著;公司发行绿色债券后,其绿色投资水平和可持续发展表现都有显著改善。据此建议加快推进绿色债券市场的培育与建设;多渠道缓解企业融资约束,助推企业绿色转型升级;增强国内绿色债券发行主体的信息透明度,提升企业绿色债券信息披露的公信力。

In order to achieve the goals of carbon peak and carbon neutrality,China has actively introduced relevant financial support policies to help companies make green transformation and promote the development of green economy.In this context,green bonds have become an important financial tool for China to promote the development of green economy.However,the risk of greenwashing makes it doubtful whether green bonds can play a positive role in enhancing the green innovation capability and promoting the green transformation of companies.Up to now,there is a lack of studies on whether green bonds improve green innovation ability.Moreover,research on heterogeneity and mechanism analysis of how green bonds affect corporate green innovation is particularly insufficient.This paper uses the database of China Stock Market&Accounting Research(CSMAR),Chinese Research Data Service Platform(CNRDS),Wind Database and ChinaBond.com.Taking the green bonds issued by listed companies as samples and using green patents to measure the green innovation ability of companies,we analyze the impact of green bonds issuance on the green innovation ability of companies.The results show that the green innovation capability of the company is significantly improved after the company issues green bonds.The empirical results are still robust when using green invention patents or independent green patents to measure the green innovation capability of companies,using different regression models and considering endogeneity.Further analysis finds that green bonds can enhance the green innovation capability of companies by easing corporate financing constraints and improving information transparency.The positive effect of green bonds on the green innovation capability of companies is even more significant in companies with great attention from public or with serious principal-agent problems.In addition,companies’issuance of green bonds can help improve their green investment level and sustainable development performance.Compared with existing literature,the possible contributions of this paper are mainly in the following two aspects.Firstly,it is different from existing literature that focuses on the spread of green bonds or examines the impact factors of corporate green innovation from the perspective of external regulation,this paper starts from the internal behavior of companies and discusses the effect of green bonds on green innovation of companies.This enriches existing literature on corporate green bonds and green innovation from a new perspective.Secondly,the influence mechanism of green bonds on corporate green innovation is examined from the perspectives of the resource effect and signal effect of green bonds.The heterogeneity analysis is carried out based on the intensity of public attention and the severity of principal-agent problems.Moreover,we examine the impact of green bonds on corporate green investment levels and sustainable development.This paper reveals the role of green bonds in corporate green innovation,which provides a theoretical basis for China to promote the development of corporate green bond market under the strategic goals of carbon peak and carbon neutrality.It is helpful for government to formulate green bond support measures in a targeted manner so as to provide policy support to promote green transformation and upgrading of companies and sustainable economic development.