摘要
在绿色债券迅速发展和防范实体企业“脱实向虚”的大背景下,以2012—2022年A股上市非金融企业为样本,通过构建多时点双重差分模型,实证检验上市公司发行绿色债券对其后续金融资产配置比重的影响及其潜在作用机制。研究发现,企业发行绿色债券能够降低其金融资产配置比重。机制分析表明,高融资约束企业发行绿色债券对减少金融资产投资的影响更大。异质性研究表明,在非国有企业、小企业和污染行业企业中,企业发行绿色债券对减少金融资产投资的影响更大。据此,应鼓励企业积极参与绿色债券市场,强化对绿色债券募集资金用途的监管,根据不同类别企业配置金融资产的不同动机进一步优化其融资环境。
Against the backdrop of the rapid development of green bonds and efforts to prevent enterprises in the real economy from“de-realization,”this study takes A-share listed non-financial enterprises from 2012 to 2022 as a sample.Using a multi-period difference-in-differences(DID)model,the study empirically tests the impact of green bond issuance by listed companies on their subsequent financial asset allocation ratios and the potential underlying mechanisms.The study finds that corporate issuance of green bonds reduces financial asset allocation ratios.Mechanism analysis indicates that green bond issuance has a greater impact on reducing financial asset investments for firms with high financing constraints.Heterogeneity studies reveal that green bond issuance has a more significant impact on reducing financial asset investments in non-state-owned enterprises,small enterprises,and enterprises in polluting industries.Based on these findings,enterprises should be encouraged to actively participate in the green bond market,and supervision of green bond proceeds should be strengthened.Furthermore,the financing environment for enterprises should be optimized based on differing motivations for financial asset allocation across categories of enterprises.
出处
《山东社会科学》
北大核心
2025年第7期175-183,共9页
Shandong Social Sciences
关键词
绿色债券
企业金融资产配置
多期双重差分法
融资约束
green bonds
corporate financial asset allocation
multi-period difference-in-differences method
financing constraints
