金融学院知识库

在粗放式经济增长模式的主导下，我国环境问题愈发突出，高质量发展要求我们必须将绿色发展提上日程。因此，如何打破经济与环境之间的矛盾，促进企业绿色转型成为当下亟待解决的问题。而随着近些年绿色金融的发展，绿色债券异军突起，2022年发行规模高达9838.99亿元，发行数量为568只。截止到2022年底，我国绿色债券发行量已经超过3万亿元。绿色债券更好的弥补了企业融资端的需求，增强了金融的可得性，极大提高了企业环境保护的意识，但绿色债券在绿色创新领域具体起到何种作用仍需我们深入探讨。

本文基于2013-2022年沪深A股上市企业数据进行分析，从不同角度实证探讨绿色债券发行与企业绿色创新之间的关系。首先，利用固定效应模型验证二者之间的影响，并将绿色创新细分为绿色创新质量和数量两个维度进行研究；其次，将企业根据所有制性质、技术水平以及地区分类进行异质性分析；再者，通过中介效应模型，探讨融资约束和研发投入在绿色债券发行对企业绿色创新影响中的作用路径；最后，通过替换被解释变量、缩短样本周期和变换研究模型的方式，将绿色债券发行影响企业绿色创新的核心结论进行了稳健性检验。

研究结果表明，绿色债券发行对企业绿色创新存在显著的促进效应，同时绿色债券的发行对绿色创新的质量和数量也有着正向影响。研究异质性发现，所有制和固有的技术水平优势对绿色创新的激励作用并未存在较大差异，而东部和中部地区的激励作用强于西部地区。中介效应模型证明，融资约束和研发投入在绿色债券发行和绿色创新之间起到了中介作用，即绿色债券发行通过缓解融资约束和增加研发投入两种路径，极大提高了企业的绿色创新能力。结合实证研究结论，从监管者、融资者和投资者角度提出要紧紧抓住绿色债券机遇、鼓励企业绿色转型、慎重对待绿色创新质量和数量之间的差异、疏通绿色债券发行对绿色创新的作用路径和发挥绿色金融对绿色创新正向作用等政策建议。

Under the leadership of the extensive economic growth model, environmental issues in China have become increasingly prominent, and high-quality development requires us to put green development on the agenda. Therefore, how to break the contradiction between the economy and the environment and promote the green transformation of enterprises has become an urgent problem to be solved. With the development of green finance in recent years, green bonds have emerged, with a total issuance scale of 983.899 billion yuan and a total issuance quantity of 568 in 2022. As of the end of 2022, the issuance of green bonds in China has exceeded 3 trillion yuan. Green bonds better meet the financing needs of enterprises, enhance financial accessibility, and greatly enhance their awareness of environmental protection. However, the specific role of green bonds in the field of green innovation still needs to be further explored.

This article analyzes the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2022, and empirically explores the relationship between green bond issuance and corporate green innovation from different perspectives. Firstly, a fixed effects model is used to verify the impact between the two, and green innovation is further divided into two dimensions: quality and quantity; Secondly, conduct heterogeneity analysis of enterprises based on their ownership nature, technological level, and regional classification; Furthermore, by using a mediation effect model, this study explores the pathways through which financing constraints and R&D investment affect the impact of green bond issuance on corporate green innovation; Finally, the robustness of the core conclusions on the impact of green bond issuance on corporate green innovation was tested by replacing the dependent variable, shortening the sample period, and transforming the research model.

The research results indicate that the issuance of green bonds has a significant promoting effect on corporate green innovation, and the issuance of green bonds also has a positive impact on the quality and quantity of green innovation. Research on heterogeneity has found that there is no significant difference in the incentive effect of ownership and technological level on green innovation, while the incentive effect in the eastern and central regions is stronger than that in the western regions. The mediation effect model proves that financing constraints and R&D investment play a mediating role between green bond issuance and green innovation, that is, green bond issuance greatly improves the green innovation ability of enterprises through two paths: alleviating financing constraints and increasing R&D investment. Based on empirical research findings, policy recommendations are proposed from the perspectives of regulators, financiers, and investors to seize the opportunities of green bonds, encourage green transformation of enterprises, handle the differences between the quality and quantity of green innovation with caution, unblock the role path of green bond issuance in green innovation, and leverage the positive role of green finance in green innovation.