绿色债券与洗绿：来自中国企业的新见解

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-25 DOI:10.1016/j.frl.2025.107847

Yenan Li , Zhengjie Yang , Xiangyu Dong

{"title":"绿色债券与洗绿：来自中国企业的新见解","authors":"Yenan Li , Zhengjie Yang , Xiangyu Dong","doi":"10.1016/j.frl.2025.107847","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the impact of green bonds on corporate greenwashing in China. As the green bond market expands, greenwashing has become a pressing concern. Using data from Chinese listed firms from 2012 to 2022, we find that green bond issuers are more likely to engage in greenwashing, mainly through selective disclosure of environmental benefits rather than actual performance gains. The study also explores how corporate risk-taking influences this relationship. Results show that firms with higher risk tolerance are more likely to use green bonds opportunistically, undermining market credibility. These findings clarify the motives behind environmental disclosures and offer insights for strengthening green finance regulation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107847"},"PeriodicalIF":7.4000,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Green bond and greenwashing: New insights from Chinese firms\",\"authors\":\"Yenan Li , Zhengjie Yang , Xiangyu Dong\",\"doi\":\"10.1016/j.frl.2025.107847\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study examines the impact of green bonds on corporate greenwashing in China. As the green bond market expands, greenwashing has become a pressing concern. Using data from Chinese listed firms from 2012 to 2022, we find that green bond issuers are more likely to engage in greenwashing, mainly through selective disclosure of environmental benefits rather than actual performance gains. The study also explores how corporate risk-taking influences this relationship. Results show that firms with higher risk tolerance are more likely to use green bonds opportunistically, undermining market credibility. These findings clarify the motives behind environmental disclosures and offer insights for strengthening green finance regulation.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"85 \",\"pages\":\"Article 107847\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2025-06-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325011055\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325011055","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究考察了绿色债券对中国企业“漂绿”行为的影响。随着绿色债券市场的扩张，“漂绿”已成为一个紧迫的问题。利用2012年至2022年中国上市公司的数据，我们发现绿色债券发行人更有可能进行“漂绿”，主要是通过选择性披露环境效益而非实际绩效收益。该研究还探讨了企业风险承担如何影响这种关系。结果表明，风险承受能力较高的企业更有可能投机地使用绿色债券，从而破坏了市场信誉。这些发现阐明了环境披露背后的动机，并为加强绿色金融监管提供了见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Green bond and greenwashing: New insights from Chinese firms

This study examines the impact of green bonds on corporate greenwashing in China. As the green bond market expands, greenwashing has become a pressing concern. Using data from Chinese listed firms from 2012 to 2022, we find that green bond issuers are more likely to engage in greenwashing, mainly through selective disclosure of environmental benefits rather than actual performance gains. The study also explores how corporate risk-taking influences this relationship. Results show that firms with higher risk tolerance are more likely to use green bonds opportunistically, undermining market credibility. These findings clarify the motives behind environmental disclosures and offer insights for strengthening green finance regulation.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

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