Changsong Li , Xiaojing Cao , Zeyu Wang , Jiali Zhang , Huan Liu
{"title":"绿色债券发行对企业绿色创新的影响：一个信号视角","authors":"Changsong Li , Xiaojing Cao , Zeyu Wang , Jiali Zhang , Huan Liu","doi":"10.1016/j.irfa.2025.104113","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104113"},"PeriodicalIF":9.8000,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of green bond issuance on corporate green innovation: A signaling perspective\",\"authors\":\"Changsong Li , Xiaojing Cao , Zeyu Wang , Jiali Zhang , Huan Liu\",\"doi\":\"10.1016/j.irfa.2025.104113\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":\"102 \",\"pages\":\"Article 104113\"},\"PeriodicalIF\":9.8000,\"publicationDate\":\"2025-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521925002005\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2025/3/9 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925002005","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/3/9 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The impact of green bond issuance on corporate green innovation: A signaling perspective
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.
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.
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