How do green bonds promote common prosperity? Evidence from Chinese prefecture-level cities

Yang Liu, Kangyin Dong, Kun Wang, Xiaowen Fu, Farhad Taghizadeh-Hesary
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Abstract

PurposeThe purpose of this study is to examine the impact of green bonds on common prosperity in China. Green bonds have gained significant attention as a means to address financial challenges and promote environmental protection. This research aims to investigate the influence of green bonds on common prosperity by utilizing the system-generalized method of moments (SYS-GMM) and analyzing panel data from prefecture-level cities. The study also explores the theoretical mechanisms and heterogeneous relationships between green bonds and common prosperity, providing valuable guidance for advancing economic and social well-being in China.Design/methodology/approachThis study employs a system-generalized method of moments (SYS-GMM) as the methodology to investigate the influence of green bonds on common prosperity in China. Panel data from prefecture-level cities for the period 2014 to 2020 are utilized for analysis. The SYS-GMM approach allows for the examination of dynamic relationships and control of endogeneity issues. By utilizing this methodology, the study aims to provide robust and reliable findings on the impact of green bonds on common prosperity, considering the specific context of China's ecological civilization development and financial challenges faced by energy-saving and environmental protection enterprises.FindingsThe findings of this research indicate several important outcomes. Firstly, common prosperity in China experienced substantial growth between 2014 and 2020. Secondly, green bonds have demonstrated a clear and positive impact on common prosperity. They contribute to the enhancement of common prosperity by driving industrial structure upgrading and fostering green technology innovation. Lastly, the study reveals that the positive influence of green bonds on common prosperity is particularly pronounced in the western region of China. These findings highlight the significance of green bonds in promoting sustainable economic development and societal well-being.Originality/valueThis study contributes to the existing literature by examining the impact of green bonds on common prosperity in China, utilizing the system-generalized method of moments (SYS-GMM) and panel data analysis. The research not only adds to the understanding of the relationship between green bonds and economic well-being but also provides insights into the theoretical mechanisms and heterogeneous relationships involved. The findings showcase the positive influence of green bonds on common prosperity, emphasizing their role in addressing financial challenges, promoting environmental protection, and driving sustainable development. The study's conclusions offer valuable guidance for policymakers, financial institutions, and stakeholders in advancing common prosperity in China.
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绿色债券如何促进共同繁荣?来自中国地级市的证据
本研究旨在探讨绿色债券对中国共同繁荣的影响。绿色债券作为应对金融挑战和促进环境保护的一种手段,已受到广泛关注。本研究利用系统广义矩法(SYS-GMM),通过分析地级市的面板数据,探讨绿色债券对共同富裕的影响。本研究采用系统广义矩量法(SYS-GMM)研究中国绿色债券对共同富裕的影响。分析采用的是地级市 2014 年至 2020 年的面板数据。SYS-GMM 方法可以检验动态关系并控制内生性问题。通过使用该方法,本研究旨在结合中国生态文明建设的具体背景和节能环保企业面临的金融挑战,就绿色债券对共同富裕的影响提供稳健可靠的结论。首先,2014 年至 2020 年期间,中国的共同富裕程度大幅提高。其次,绿色债券对共同富裕产生了明显的积极影响。绿色债券通过推动产业结构升级和促进绿色技术创新,为提高共同富裕水平做出了贡献。最后,研究发现,绿色债券对共同富裕的积极影响在中国西部地区尤为明显。本研究利用系统广义矩方法(SYS-GMM)和面板数据分析法,研究了绿色债券对中国共同富裕的影响,为现有文献做出了贡献。该研究不仅加深了人们对绿色债券与经济福利之间关系的理解,还深入探讨了其中的理论机制和异质性关系。研究结果展示了绿色债券对共同繁荣的积极影响,强调了绿色债券在应对金融挑战、促进环境保护和推动可持续发展方面的作用。研究结论为政策制定者、金融机构和利益相关者在中国推进共同富裕提供了有价值的指导。
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