摘要
借助多时点双重差分模型实证分析绿色债券对重污染企业高质量发展的影响,发现绿色债券能够显著促进重污染企业高质量发展,且这一促进效应具有动态持续性。异质性分析表明:相比西部地区,东部地区利用绿色债券促进高质量发展的作用显著;相比国有企业,非国有企业利用绿色债券促进高质量发展的作用显著;相比非专利密集型企业,专利密集型企业利用绿色债券促进高质量发展的作用显著。机制分析表明,发行绿色债券对企业高质量发展的促进作用源于缓解融资约束、提高创新水平以及提升公众关注度。
This study experimentally investigates the effect of green bonds on the high-quality development of heavily polluting enterprises using a multi-time point DID model.Research has found that green bonds can significantly increase the high-quality development of heavily polluting enterprises,and this promotion impact is dynamically sustained:compared with the western region,the eastern region plays a significant role in promoting high-quality development by using green bonds;Compared with state-owned enterprises,non state-owned enterprises play a significant role in promoting high-quality development by using green bonds;Compared with nonpatent-intensive enterprises,patent-intensive enterprises play a significant role in promoting high-quality development by using green bonds.The mechanism analysis indicates that the positive effects of green bonds can be enhanced by alleviating internal financing constraints,improving green innovation,and increasing external public attention.
作者
司颖华
王晓雯
SI Yinghua;WANG Xiaowen(School of Statistics and Data Science,Lanzhou University of Finance and Economics,Lanzhou Gansu 730020,China)
出处
《河北环境工程学院学报》
2025年第6期36-43,共8页
Journal of Hebei University of Environmental Engineering
基金
国家自然科学基金项目(72063022)
国家自然科学基金项目(72463019)。
关键词
绿色债券
企业高质量发展
重污染企业
green bonds
enterprise high-quality development
heavily polluting enterprises
