金融学院知识库

  随着“双碳”目标与“十四五”规划的提出，绿色低碳循环经济己经成为我国经济发展的必由之路。绿色债券运用金融手段对绿色发展和绩效产生影响，推动绿色低碳经济发展，减少碳排放，进一步实现碳达峰、碳中和目标，这是绿色债券推动实体经济绿色转型发展的一个重要表现。上市公司作为经济市场不可或缺的经济实体，在投融资中长期面临着难题，作为一种直接绿色融资工具，绿色债券与绿色经济的发展理念不谋而合，既能帮助企业解决资金融通的困境，也可以帮助企业打开新投资项目利润点。近年来，我国绿色债券发行主体主要涉及金融、公用事业及工业等领域，研究方向也大多集中于金融方面，其他行业涉及较少。作为CO₂主要排放行业，第二产业绿色债券发行企业将近占一半以上。而如何促进碳中和目标的实施，如何更好的实现绿色转型升级，并为绿色低碳经济发展服务是目前亟待解决的重要问题。因此，分析发行绿色债券对第二产业上市公司经济层面有何影响对促进碳中和目标的实现非常重要，这有利于在经济效益的基础上开发企业绿色发展的内在动力和明确绿色债券的企业治理效率，推动企业建立自身良好信誉和形成高效参与模式、落实碳中和目标。

  鉴于此，本文从“双碳”背景出发，运用双重差分模型，以所有发行绿色债券和发行普通债券的第二产业上市公司为研究对象，通过对比两者之间净资产收益率高低，发现绿色债券是如何对第二产业上市公司经济绩效产生影响的。主要研究思路如下：本文采用文献研究方法，梳理、总结了国内外对绿色债券的研究和绿色债券发行对公司的影响；以信号传递理论、企业社会责任理论和绿色金融理论等为理论依据对上市公司发行绿色债券的影响进行理论分析，并在此基础上分析了其影响机理；通过理论分析，以2013-2021年发行绿色债券与发行普通债券的第二产业上市公司为研究样本，对该样本经济绩效进行实证分析得出以下几点：第一，与普通债券相比，发行绿债的第二产业上市公司净资产收益率更高；第二，发行绿色债券可以提升企业绩效。最后基于理论分析与实证分析，从政策、企业、信用评估及投资者等方面提出相关建议，以改进绿色债券服务实体经济功能及促进“双碳”目标的实施。

   With the "dual carbon" goal and the "14th Five Year Plan" proposed, green and low-carbon circular economy has become the inevitable path of our country's economic development. Green bonds use financial means to have an impact on green development and performance, which can promote the development of a green and low-carbon economy, reduce carbon emissions, and further achieve carbon peak and carbon neutral goals. This is an important manifestation of green bonds promoting the green transformation and development of the real economy. As an indispensable economic entity in the economic market, listed companies face long-term difficulties in investment and financing. As a direct green financing tool, green bonds coincide with the development concept of green economy, which can not only help enterprises solve the difficulties of financing, but also help enterprises open up profit points for new investment projects. In recent years, the main issuers of green bonds in China have mainly involved in the fields of finance, public utilities, and industry, with research directions mostly focused on finance, while other industries have less involvement. As a major CO₂ emission industry, green debt issuing enterprises in the secondary industry account for nearly half of the total. How to promote the implementation of carbon neutrality goals, how to better achieve green transformation and upgrading, and serve the development of a green and low-carbon economy are currently important issues that need to be addressed. Therefore, it is very important to focus on analyzing the impact of issuing green bonds on listed companies in the secondary industry to promote the achievement of carbon neutral goals, which is conducive to developing the internal motivation of green development of companies based on performance, clarifying the governance efficiency of green bonds, promoting enterprises to establish their own good reputation, forming efficient participation models, and implementing carbon neutral goals.

   In view of this, this article, starting from the "dual carbon" background, uses a dual difference model to study and analyze the economic performance of all listed companies in the secondary industry that issue green bonds and ordinary bonds. The main research ideas are as follows: This paper uses the literature research method to compile the research on green bonds at home and abroad and the impact of green bond issuance on companies;Based on signal transmission theory, corporate social responsibility theory,green finance theory and so on, this paper theoretically analyzes the impact of green bond issuance by listed companies, and analyzes its impact mechanism on this basis; Through theoretical analysis, taking listed companies in the secondary industry that issued green bonds and ordinary bonds from 2013 to 2021 as research samples, empirical analysis of the economic performance of this sample shows the following points: First, compared to ordinary bonds, listed companies in the secondary industry that issued green bonds have a higher return on equity; Secondly, issuing green bonds can improve corporate performance. Finally, based on theoretical and empirical analysis, relevant suggestions are proposed from policy, enterprise, credit evaluation, and investors to improve the function of green bonds in serving the real economy and promote the implementation of the "dual carbon" goal.