Although green bonds are a relatively new innovation in the financial world,they are changing the way financial institutions address the growing issue of sustainability.They offer companies an alternative method for f...Although green bonds are a relatively new innovation in the financial world,they are changing the way financial institutions address the growing issue of sustainability.They offer companies an alternative method for financing their socially responsible activities and raising capital for environmentally friendly projects.The various applications of green bonds in financial markets,such as financing the transition to low-carbon economy and decelerating the depletion of natural landscapes,are important in combating humanitarian crisis such as climate change.To be able to finance projects that mitigate the effects of climate change,it is vital to focus not only on developed countries,but also on underdeveloped and developing countries.The uncertain fate of the planet brought about by climate change can be made far less foreboding if large corporations and industries persist in their commitment to transitioning to more sustainable practices.Green bonds are an essential part of this commitment,and their full impact on climate change mitigation has yet to be realized.展开更多
Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development pro...Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.展开更多
文摘Although green bonds are a relatively new innovation in the financial world,they are changing the way financial institutions address the growing issue of sustainability.They offer companies an alternative method for financing their socially responsible activities and raising capital for environmentally friendly projects.The various applications of green bonds in financial markets,such as financing the transition to low-carbon economy and decelerating the depletion of natural landscapes,are important in combating humanitarian crisis such as climate change.To be able to finance projects that mitigate the effects of climate change,it is vital to focus not only on developed countries,but also on underdeveloped and developing countries.The uncertain fate of the planet brought about by climate change can be made far less foreboding if large corporations and industries persist in their commitment to transitioning to more sustainable practices.Green bonds are an essential part of this commitment,and their full impact on climate change mitigation has yet to be realized.
基金supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021)Hebei Province Social Science Development Research Project (Grant No.20220202156)。
文摘Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.
