绿色债券如何影响绿色技术创新?来自中国的确凿证据

IF 5.5 Q1 BUSINESS, FINANCE

Green Finance Pub Date : 2022-01-01 DOI:10.3934/gf.2022024

Tao-Hung Lin, Mingyue Du, Siyu Ren

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引用次数: 9

摘要

绿色债券作为一种新兴的金融工具，可以拓宽企业的融资渠道，激发企业的绿色创新。本文基于2012 - 2020年中国上市公司a股数据，运用PSM-DID方法分析了绿色债券对绿色技术创新的影响。研究发现，绿色债券对企业绿色技术创新具有显著的促进作用。其积极影响归因于媒体关注和研发资本投资的增加以及融资约束的减少。绿色债券对资金约束性强的企业、非国有企业和大型企业的绿色创新作用更大。研究结果对提高绿色债券的资源配置作用，实现可持续增长具有重要的参考意义。

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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How do green bonds affect green technology innovation? Firm evidence from China

As an emerging financial tool, green bonds can broaden the financing channels of enterprises and stimulate the green innovation of enterprises. Based on the A-share data of Chinese listed companies from 2012 to 2020, this paper analyzes the impact of green bonds on green technology innovation by using a method of Difference in Difference with Propensity Score Matching (PSM-DID). We found that green bonds can significantly improve enterprise green technology innovation. Its positive impact is attributed to increases in media attention and R&D capital investment and a reduction in financing constraints. Green bonds play a greater role in the green innovation of strong financial constraints enterprises, non-SOEs and large-scale enterprises. Our findings have important reference significance for the improvement of the resource allocation role of green bonds and achievement of sustainable growth.

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来源期刊

Green Finance Multiple-

CiteScore

9.60

自引率

3.50%

发文量

审稿时长

6 weeks

期刊介绍： Green Finance is an international, interdisciplinary Open Access journal dedicated to green finance, environmental, and sustainability research and practice. It offers a platform for publishing original contributions and technical reviews on green finance and related topics, following a rigorous peer-review process. Accepted article types include original research, reviews, editorials, letters, and conference reports.