The impact of green bond issuance on corporate green innovation: A signaling perspective

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2025-03-09 DOI:10.1016/j.irfa.2025.104113

Changsong Li , Xiaojing Cao , Zeyu Wang , Jiali Zhang , Huan Liu

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Abstract

Enhancing the green financial system can facilitate green, low-carbon, and high-quality development, with green bond policy playing a pivotal role in fostering corporate green technological innovation. Utilizing data from China's A-share listed firms between 2010 and 2022, this study systematically investigates the impact of green bond policy on corporate green technology innovation. The results indicate that the green bond policy significantly boosts the number of green patent applications by enterprises, particularly green invention patents. Additionally, the policy's effect exhibits heterogeneity: it has a more pronounced impact on promoting green technological innovation in high-pollution industries, and non-state-owned enterprises demonstrate greater green technological innovation capabilities under the policy's influence. Further analysis reveals that green bond issuance enhances the level of green technological innovation by signaling environmental commitment, alleviating corporate financing constraints, and improving corporate environmental information disclosure. These findings offer crucial policy insights for optimizing green bond policies and advancing corporate green technology innovation.

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绿色债券发行对企业绿色创新的影响：一个信号视角

完善绿色金融体系，促进绿色、低碳、高质量发展，绿色债券政策在促进企业绿色技术创新方面发挥着关键作用。本文利用2010 - 2022年中国a股上市公司的数据，系统地考察了绿色债券政策对企业绿色技术创新的影响。结果表明，绿色债券政策显著提高了企业的绿色专利申请量，尤其是绿色发明专利申请量。此外，政策效果呈现异质性，对高污染行业绿色技术创新的促进作用更为明显，非国有企业在政策影响下表现出更强的绿色技术创新能力。进一步分析发现，绿色债券发行通过传递环境承诺信号、缓解企业融资约束、改善企业环境信息披露等途径提升了绿色技术创新水平。这些发现为优化绿色债券政策和推进企业绿色技术创新提供了重要的政策见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.