ArticleEnvironmental science and pollution research international2024
Can green bonds empower green technology innovation of enterprises?
Article in Environmental science and pollution research international, 2024. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 4 papers.
What it found
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Who cites it
4 citing papers in PubMed.
- Article
- Can green funds improve corporate environmental, social, and governance performance? Evidence from Chinese-listed companies.PloS one · 2024Article
- Article
- Telepresence robots as facilitators of physical exercise during COVID-19: a feasibility and acceptance study.Frontiers in public health · 2023Article
Corrections and comments
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Authors and funding
4 authors.
Funding
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Abstract
Green bonds, a new green financial instrument, encourage enterprises to achieve high-quality development through green technology innovation. However, a lack of research is currently being conducted into the effect of green bond issuance in China. Can green bonds effectively empower enterprises to green innovation? What is the underlying mechanism? In the context of carbon-neutral strategies, it is significant to answer these questions scientifically. This paper uses a quasi-natural experiment of the launch of the green bond market in China in 2016 to conduct empirical studies based on the panel data of 1 558 non-financial Chinese-listed enterprises from 2015 to 2020 with the multi-period difference-in-difference model. The results show that ① issuing green bonds can significantly empower enterprises' green technology innovation. The empowering effect is mainly for green utility patents rather than green invention patents. This result remains after dynamic heterogeneity analysis, placebo test, and other tests. In addition, the effect has a lag. ② Heterogeneity tests show that this empowerment effect varies across enterprises with different property rights, industries, and regions. ③ In terms of the mechanism of action, green bonds can enhance enterprises' ability to innovate green technology by increasing the proportion of long-term loans and improving their debt structure. This paper broadens the relevant literature on the economic consequences of green bonds and the influencing factors of enterprises' green technology innovation and provides policy suggestions for further improving the analysis of green bonds.
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Registered trials
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