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

被引：18
|
作者：
Lin, Tao [1 ]
Du, Mingyue [2 ]
Ren, Siyu [3 ,4 ]
机构：
[1] Jimei Univ, Finance & Econ Coll, Xiamen 361021, Peoples R China
[2] Beijing Technol & Business Univ, Sch Econ, Beijing 100048, Peoples R China
[3] Nankai Univ, Sch Econ, Tianjin 300071, Peoples R China
[4] Nankai Univ, Ctr Transnat Studies, Tianjin 300071, Peoples R China
来源：
GREEN FINANCE | 2022年 / 4卷 / 04期
关键词：
green bonds; green innovation; financing constraint; technology investment; China; CORPORATE ENVIRONMENTAL RESPONSIBILITY; PRODUCT INNOVATION; REGULATIONS; MECHANISM; FINANCE;
D O I：
10.3934/GF.2022024
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
引用
收藏
页码：492 / 511
页数：20
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