绿色债券促进企业绿色转型研究

Research on green bonds promoting the green transformation of enterprises

基于2013—2022年中国A股非金融上市企业数据,运用双重差分法实证研究绿色债券对上市公司绿色转型的影响。研究结果显示:发行绿色债券推动企业发明创新、促进企业绿色转型;发行绿色债券缓解融资约束、增加企业研发投入等途径显著促进企业绿色转型;绿色债券的发行效果在不同类型企业中存在一定的差异性,对于中西部企业、非高科技企业和重污染企业而言,其转型效果更为显著。基于此,建议政府完善法律法规,企业充分利用绿色债券金融工具,因地制宜发行绿色债券,推动企业绿色转型。

Based on the data of China's A-share non-financial listed companies from 2013 to 2022,this paper uses the difference-in-differences empirical method to explore the impact of green bonds on the green transformation of listed companies.The results show that issuing green bonds promotes enterprise innovation and green transformation;issuing green bonds significantly promotes the green transformation of enterprises by alleviating financing constraints and increasing R&D investment.There are some differences in the issuance effect of green bonds among different types of enterprises.For enterprises in the central and western regions,non-high-tech enterprises and heavily polluting enterprises,the transformation effect is more significant.Based on the findings,it is recom-mended that the government improve laws and regulations,enterprises make full use of green bond financial instruments,issue green bonds according to local conditions,and promote the green transformation of enterprises.