发行绿色债券对企业绿色技术创新的影响

Impact of Issuing Green Bond on Promoting Green Technology Innovation of Enterprises

在双碳目标之下,绿色债券对于企业绿色转型起着关键作用,但是“漂绿”现象的存在使得实际效果有待进一步考量。本研究以“2016年绿色债券市场”的启动作为政策冲击点,基于2011-2020年中国上市企业数据构建双重差分模型,考察发行绿色债券对上市企业绿色技术创新的影响。研究结果表明:企业发行绿色债券能够显著促进其绿色技术创新。异质性检验发现,非国有和制造业企业发行绿色债券对其绿色技术创新促进效果更为显著。调节效应检验发现,企业融资约束水平对传导机制具有正向调节作用。最后,从政府角度提出规范绿债市场、明确绿债投向和保障绿色信息披露质量等相关建议,落实发挥绿债市场对实体经济的提升效应。

Under the dual-carbon goal,green bonds play a key role in the green transformation of enterprises,but the existence of"green floating"phenomenon makes the actual effect to be further considered.Therefore,this paper takes the launch of the"2016 green bond market"as the policy impact point,builds a double difference model based on the data of Chinese listed enterprises from 2011 to 2020,and examines the impact of issuing green bonds on green technology innovation of listed enterprises.The results show that enterprises issuing green bonds can significantly promote their green technology innovation.The heterogeneity test found that the issuance of green bonds by non-state-owned and manufacturing enterprises has a more significant effect on promoting their green technological innovation.The regulatory effect test found that the level of corporate financing constraints has a positive regulatory effect on the transmission mechanism.Finally,from the perspective of the government,this study puts relevant suggestions such as standardizing the green debt market,clarifying the investment direction of green debt and ensuring the quality of green information disclosure,in order to and implement and play the promotion effect of the green debt market on the real economy.