The impacts of green bonds on the green innovation: Evidence from the corporate green transformation in China

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-01-20 DOI:10.1016/j.ememar.2025.101252

Minhua Yang , Linkun Ma , Yan Gu , Wenfeng Wu

引用次数: 0

Abstract

This paper investigates the impacts of green bonds on green innovation of 3750 Chinese listed firms from 2016 to 2020. Green bonds positively affect green innovation, which is robust to several robustness checks, by mitigating financial constraints and increasing R&D investments. The effects of green bonds contribute to economic consequences (green transformation) and environmental performance. Only green enterprise bond contributes to green innovation. Such effect is more pronounced for SOEs, firms in environmentally-friendly industries, firms with highly-educated CEOs, and firms with better green development. Moreover, green bonds increase environmental investments and green total factor productivity, which contributes to green transformation.

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绿色债券对绿色创新的影响：来自中国企业绿色转型的证据

本文研究了2016 - 2020年中国3750家上市公司绿色债券对绿色创新的影响。绿色债券通过缓解财务约束和增加研发投资，对绿色创新产生积极影响，绿色创新对若干稳健性检查具有稳健性。绿色债券的影响有助于经济后果（绿色转型）和环境绩效。只有绿色企业债券才有利于绿色创新。这种效应在国有企业、环境友好型企业、ceo高学历企业和绿色发展较好的企业中更为明显。此外，绿色债券增加了环境投资和绿色全要素生产率，有助于绿色转型。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.