摘要
绿色债券是加快经济发展方式绿色转型的重要金融工具。然而,在缺乏有效监管的情况下,绿色债券政策可能会激励企业进行策略性创新。本文采用严格的绿色债券识别策略,借助双重差分模型探究发行绿色债券对上市公司绿色创新的影响及作用机制。研究发现:企业存在策略性创新行为,即发行绿色债券后只增加了绿色实用新型专利而非绿色发明专利的申请数量,并且对企业的绿色项目投资、研发投入、企业价值和环境绩效都没有显著的促进作用;绿色债券额度的增加会增强企业的策略性表现,并且国有企业和非高科技行业企业更可能进行策略性创新;企业发行绿色债券后的绿色创新行为受到内部治理水平、第三方认证和外部环境规制力度等治理手段的影响。本文为完善绿色债券市场监管机制、提升绿色金融支持政策效果提供了有益思考。
Against the backdrop of global consensus on climate change response and China’s vigorous advance⁃ment of green development and new quality productive forces,green finance’s catalytic role in facilitating economic envi⁃ronmental transition has garnered significant attention.Green bonds,as pivotal instruments of green finance,have be⁃come a research focal regarding their actual efficacy in driving corporate green innovation and achieving high-quality eco⁃nomic development.The literature review reveals divergent conclusions about the impact of corporate green bond issuance on green innovation due to variations in model specifications,measurement methodologies,and sample heterogeneity,necessitating further empirical validation.Consequently,a deeper investigation into strategic interactions and behavioral motivations between enterprises’green bond issuance and green innovation is warranted.This study constructs an analyti⁃cal framework of“policy incentives-corporate responses-governance pathways”to dissect potential strategic innovation behaviors during green bond policy implementation.This study employs a rigorous green bond identification strategy and adopts a difference-in-differences(DID)method,designating listed enterprises issuing green bonds during 2010-2022 as the treatment group while utilizing pro⁃pensity score matched non-issuers as the control group,thereby conducting a granular investigation into the relationship between green bond issuance and corporate green innovation alongside its underlying mechanisms.The empirical results indicate that enterprises exhibit strategic innovation behaviors following green bond issuance.Specifically,after issuing green bonds,firms show a significant increase in applications for green utility model patents,while there is no notable change in the number of applications for green invention patents.Moreover,green bond issuance does not significantly en⁃hance green project investment,R&D expenditure,firm value,or environmental performance.Further analysis reveals that an increase in green bond quotas strengthens this strategic behavior.From the perspective of enterprise characteris⁃tics,state-owned enterprises(SOEs)and firms in the non-high-tech industries are more likely to engage in strategic inno⁃vation.Additionally,the observed green innovation behaviors are not isolated phenomena but are jointly influenced by various governance factors,including internal governance quality,third-party certification,and the intensity of external environmental regulations.The conclusions of this paper hold significant implications for the improvement and optimization of China’s green fi⁃nance policies.Firstly,China’s green bond market should establish a comprehensive information disclosure system that encompasses environmental information disclosure,green innovation outputs,and green benefits.This will enable a more accurate understanding of enterprises’green development qualifications,facilitate the identification of those with strong green transformation capabilities,and ensure they receive appropriate support.Secondly,when certifying the green innovation qualifications and capabilities of enterprises,it is essential to evaluate their green innovation achieve⁃ments through rigorous screening criteria.Raising the standards for green innovation helps elevate the overall level of such innovation across industries.Additionally,it is necessary to restructureincentive mechanisms for green bonds,removein⁃dustry barriers,improve the market environment,and reduce restrictions on private enterprises to promote their re⁃search,development,and innovation activities.Enterprises in non-high-tech sector should be encouraged to actively en⁃gage in innovation initiatives,thereby achieving high-quality development.Thirdly,further enhancements to the disclo⁃sure and regulatory frameworks of China’s green bond market are necessary.These improvements should include foster⁃ing the development of professional third-party institutions,refining the green project rating and environmental risk as⁃sessment systems,increasing market transparency,addressing inconsistencies in the quality of environmental disclosures and the issue of selective reporting,and strengthening enforcement efforts.Such measures will effectively advance the green and low-carbon transformation of enterprises.
作者
王玉林
曹思力
周亚虹
WANG Yulin;CAO Sili;ZHOU Yahong(East China University of Political Science and Law,Shanghai,China;Zhejiang University of Finance&Economics,Hangzhou,China;Shanghai University of Finance and Economics,Shanghai,China)
出处
《经济学动态》
北大核心
2025年第8期133-152,共20页
Economic Perspectives
基金
国家自然科学基金重点专项项目“政策试点改革中的策略性互动行为建模与仿真优化研究”(72342034)
国家自然科学基金青年项目“破解老年人数字鸿沟:老年人采用数字技术的决策过程、客观障碍和应对策略”(72303205)。
关键词
绿色金融
绿色债券
绿色创新
政策激励
Green Finance
Green Bonds
Green Innovation
Policy Incentives
