绿色债券发行对上市公司经营效率的正向影响研究--基于混合DEA模型的实证分析  

A Research on the Impact of Green Bond Issuance on the Operating Efficiency of Listed Companies:An Empirical Analysis Based on the Mixed DEA Model

作　　者：黄华继[1] 李英齐 王杰[1] HUANG Huaji;LI Yingqi;WANG Jie(School of Finance,Anhui University of Economics and Finance,Bengbu 233030,China)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030

出　　处：《河北工程大学学报（社会科学版）》2022年第2期40-49,共10页Journal of Hebei University of Engineering(Social Science Edition)

基　　金：安徽省高校科学研究项目(编号:YJS20210421)。

摘　　要：绿色债券正逐渐成为上市公司融资方式的重要选择,选取2015年1月至2021年6月发行绿色债券的A股非金融公司作为实验组样本,选取同时段仅发行普通债券的公司作为对照组,基于DEA-BCC模型对上市公司的经营效率进行测度,构建多时点DID模型并从地域、产权性质、行业、信用评级分组检验。研究发现:发行绿色债券对提升上市公司经营效率具有显著的正向作用;相较于中东部地区、国企、非电力行业和信用评级高的上市公司,西部地区、非国企、电力行业和信用评级低的上市公司发行绿色债券对经营效率的提升效应更强;上市公司发行绿色债券可以通过降低融资约束、促进公司转型升级和降低经营成本的途径实现自身经营效率的提升。最后,依据研究结论对我国政府和上市公司提出政策建议。Green bonds are gradually becoming an important choice for listed companies’financing methods.The non-financial companies in China’s A-share market that issued green bonds from January 2015 to June 2021 are selected as the experimental group samples,and the companies that only issued ordinary bonds during the same period are selected as the control group samples.Based on the DEA-BCC model,the operating efficiency of listed companies is measured,and a time-varying DID model is constructed to start group tests based on differences in regions,property rights,industries,and credit ratings.The empirical results show that issuing green bonds has a significant positive effect on improving the operating efficiency of listed companies;additionally,compared with listed companies in central and eastern regions,those belonging to state-owned enterprises,those in non-power industries,and those with high credit ratings,the issuance of green bonds has a stronger effect on improving the operational efficiency of listed companies in western region,those possessed by non-state-owned enterprises,those in power industry as well as those with low credit ratings;besides,the issuance of green bonds by listed companies can improve their operating efficiency via reducing financing constraints,promoting transformation and upgrading of themselves,and reducing operating costs.Finally,this paper provides Chinese government and listed companies with some policy suggestions based on the research conculsion.

关 键 词：绿色债券 上市公司 经营效率 DEA 

分 类 号：F830.91[经济管理—金融学]