绿色债券发行对绿色技术创新影响的路径和机制研究

Research on the path and mechanism of the impact of green bond issuance on green technology innovation

深入探究绿色债券发行的经济效应对于构建以市场为导向的绿色技术创新体系具有重要的理论与现实意义。本文以2010—2019年中国沪深两市A股上市公司为研究样本,在勾勒发行绿色债券促进绿色技术创新提质增量的理论基础上,利用PSM-DID模型对发行绿色债券与企业绿色技术创新二者存在何种关系、有何作用机理以及异质性影响展开系统性分析,解构绿色债券与企业绿色技术创新的内在逻辑,并采用多重稳健性检验验证研究结果的可靠性。研究发现:第一,发行绿色债券支持债券创新效应假说,有助于推动企业绿色技术创新提质增量,从实质效果来看,中国绿色债券市场“漂绿”问题尚不严重;第二,基于绿色债券发行特征的剖析显示绿色债券的发行额度越高、发行期限越长,其对企业绿色技术创新能力的促进效果越强;第三,机制分析结果表明企业发行绿色债券能够通过提高企业研发投入、降低企业融资成本以及增强投资者关注等三条路径作用于企业绿色技术创新;第四,企业异质性检验结果表明,发行绿色债券对于企业绿色技术创新的提升效应在非国有企业和西部地区的样本中更显著。文章研究结果在理论上丰富了企业绿色债务融资经济后果和企业绿色技术创新影响因素的相关研究,在实践上不仅为我国高质量发展过程中“构建绿色金融体系”和“构建以市场导向的绿色技术创新体系”提供了政策参考,而且为决策部门和社会公众研判当下中国绿色债券市场“成色”,防范绿色债券“漂绿”风险提供了经验证据。

As an important link between finance and ecological environment, green finance can effectively serve the green technological innovation and it is an important issue in the process of promoting the coordinated development of economy, society and ecological environment. Under the dual background of building a green financial system and a market-oriented green technology innovation system, it is of great significance to analyze how the issuance of green bonds plays a role in corporate green technology innovation, with green bonds as the breakthrough point, the promotion of green technology innovation quality increment as the central point, and the research on the "color" of China′s green bond market as the focus of attention.Taking the A-share listed companies in Shanghai and Shenzhen stock exchanges of China from 2010 to 2019 as the research sample, and adopting the theory of green bond issuance to promote the quality improvement of green technology innovation, this paper used the PSM-DID model to conduct a systematic analysis on the relationship between green bond issuance and corporate green technology innovation, their action mechanism and heterogeneous impact, deconstructed the internal logic of green bond and corporate green technology innovation, and used multiple robustness tests to verify the reliability of the research results.The results showed that:(1) the issuance of green bonds is helpful to improve the quality of green technological innovation of enterprises;(2) the higher the issuing amount and the longer the issuing period of green bonds, the stronger the promotion effect on the green technological innovation ability of enterprises;(3) the test of action path showed that enterprises issuing green bonds can act on the green technological innovation of enterprises through three paths: increasing the investment in research and development, reducing the financing cost of enterprises and increasing the attention of investors;and(4) the test results based on corporate heterogeneity showed that the promotion effect of green bond issuance on corporate green technology innovation is more obvious in non-state-owned enterprises and the western region sample.The research results will theoretically enrich the relevant research on the economic consequences of corporate green debt financing and the influencing factors of corporate green technology innovation, and thus practically provide not only policy references for "building a green financial system" and "building a market-oriented green technology innovation system" in the process of high-quality development in China, but also empirical evidence for decision-making departments and the public to judge the "color" of the current Chinese green bond market and prevent the risk of "greenwashing" of green bonds.