绿色债券能否提高企业全要素生产率？宏观经济政策调整与所有制异质性的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-11 DOI:10.1016/j.frl.2025.107562

Dian Ling, Xiaohong Li

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引用次数: 0

摘要

本文利用2009 - 2023年中国上市公司的数据集，研究了绿色债券对企业全要素生产率的影响。此外，本文还考察了宏观经济政策和所有权异质性的调控效应。研究发现：绿色债券对企业全要素生产率的提升具有正向影响。经济政策的不确定性调节了绿色债券与企业全要素生产率之间的关系。绿色债券对全要素生产率的影响在国有企业和民营企业之间存在显著差异。

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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Can green bonds enhance enterprises’ total factor productivity? The impacts of macroeconomic policy adjustment and ownership heterogeneity

Using a dataset of Chinese listed companies from 2009 to 2023, this study investigates the impact of green bonds on corporate total factor productivity (TFP). Furthermore, it examines the regulatory effects of macroeconomic policies and ownership heterogeneity. The findings are as follows: green bonds positively influence boosting enterprises’ TFP. Moreover, the uncertainty of economic policies moderates the relationship between green bonds and enterprise TFP. The impact of green bonds on TFP varies significantly between state-owned and private enterprises.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance