绿色债券发行、环境信息披露与企业绿色创新——兼论企业的监管套利行为  

Green Bond Issuance,Environmental Information Disclosure and Enterprise Green Innovation——With the Discussion on the Regulatory Arbitrage Behavior of Enterprises

作　　者：郑崴元 李胜兰[1,2] 黎天元 Zheng Weiyuan;Li Shenglan;Li Tianyuan

机构地区：[1]中山大学岭南学院 [2]中山大学自贸区综合研究院 [3]广州越秀集团股份有限公司博士后科研工作站

出　　处：《金融学季刊》2023年第4期50-72,共23页Quarterly Journal of Finance

基　　金：国家社会科学基金重点项目“完善绿色生产和消费的法律制度和政策导向研究”(20AZD092)的资助

摘　　要：作为实现双碳目标的重要金融工具,多头监管下的绿色债券引起了学术界的诸多关注。本文利用2010~2020年A股上市公司的绿色债券相关数据,使用绿色创新间接衡量绿色债券带来的环境绩效进行定量研究,并据此验证过往环境信息披露标准不一的情况下,其中披露要求较少的绿色企业债是否具有造成监管套利的风险,得到的结论如下:(1)企业的绿色债券发行行为一方面释放了积极信号,有效吸引社会资本流入,降低融资成本;另一方面意味着需要面临更严格的监管,逼迫企业做出环境信息披露,倒逼其不得不进行实质的绿色创新。(2)绿色企业债的环境信息披露要求较低,若债项评级稍低,则有监管套利的风险。(3)发行规模大、发行期限长、不具有可回售条款的绿色债券,监管套利的风险更低。As an important financial tool to achieve the carbon peaking and carbon neutrality goals,green bonds under multiple regulatory supervision have attracted much attention from academia.Using data on green bonds of A-share listed companies from 2010 to 2020 and indirectly measuring the environmental performance brought about by green bonds through green innovation,this paper conducts quantitative research to verify whether green enterprise bonds,which have lower requirements for environmental information disclosure,pose risks of regulatory arbitrage in the past when disclosure standards for environmental information were inconsistent.The conclusions obtained are as follows:①On the one hand,the issuance of green bonds by enterprises sends a positive signal,effectively attracting the inflow of social capital and reducing financing costs.On the other hand,it means that enterprises need to face stricter regulation,which forces them to disc lose env ironmental information and conduct substantial green innovation.2Green enterprise bonds have lower requirements for environmental information disclosure,and if the debt rating is slightly lower,there is a risk of regulatory arbitrage.③Green bonds with high issuance scale,long maturity,and no put options have a lower risk of regulatory arbitrage.

关 键 词：监管套利 绿色债券 绿色创新 环境信息披露 

分 类 号：F273.1[经济管理—企业管理] F832.51[经济管理—国民经济] X196[环境科学与工程—环境科学] X322