绿色债券:绿色技术创新、环境绩效和公司价值  

Green Bonds: Green Innovation, Environmental Performance and Corporate Value

作　　者：吴世农[1] 周昱成 唐国平[2] WU Shi-nong;ZHOU Yu-cheng;TANG Guo-ping(School of Management,Xiamen University,Xiamen 361005,Fujian;School of Accounting,Zhongnan University of Economics&Law,Wuhan 430073,Hubei)

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]中南财经政法大学会计学院,湖北武汉430073

出　　处：《厦门大学学报（哲学社会科学版）》2022年第5期71-84,共14页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家自然科学基金重大项目“中国制度和文化背景下公司财务政策的理论与实践研究”(71790601);财政部“会计名家工程”资助项目。

摘　　要：环境保护是我国的一项基本国策,绿色债券成为我国推行环境保护的一项重要融资政策。随着绿色债券的数量和融资规模的增长,绿色债券的技术绩效、环境绩效和经济绩效成为当前社会关注和学界研究的热点问题。通过收集2010—2019年我国发行绿色债券的上市公司数据,研究发现:(1)2010—2019年期间,企业发行绿色债券总体上没能有效地促进其绿色技术创新,但2016年《关于开展绿色公司债券试点的通知》发布后企业发行绿色债券显著地推动其绿色技术创新,这表明该通知中的政策举措富有成效。(2)企业绿色债券融资后,环境绩效显著提高,但未直接提高公司价值;随着发债后绿色技术创新水平的提高,公司价值得以显著提高,而环境绩效并未明显改善。(3)从作用机制看,融资约束、机构持股、企业环保投资三大因素在企业发行绿色债券与进行绿色技术创新之间发挥重要的路径作用。(4)相较于“发明型”技术创新,企业发行绿色债券后对“实用型技术创新”的促进作用更为显著。Green bonds are an important financing policy for environmental protection in China.With the growth of the number and scale of green bonds,their technical,environmental and economic outcomes have attracted increasing social concern and academic research.We collected the data of listed companies issuing green bonds in China in the period of 2010 to 2019 and conducted an empirical study.The results show that:(1)The issuance of corporate green bonds did not effectively promote the green innovation of companies in the entire period,but such a promotional effect appeared following the Green Bonds Pilot Notice(GBPN)in 2016,suggesting that the issuance of green bonds significantly promotes the green innovation of companies after 2016,indicating that GBPN is significantly effective.(2)After green bonds financing,corporate environmental performance is significantly improved,but corporate value is not.With the improvement of green innovation level after bond issuance,corporate value has been significantly improved,but the improvement of environmental performance has not been obvious.(3)From the perspective of mechanisms,enterprises’financing constraints,institutional shareholding and environmental investment play important roles as paths between issuance of green bonds and green innovation.(4)After enterprises issue green bonds,the promotional effect of“practical innovation”is more pronounced than that of“invention innovation”.These conclusions remain unchanged after the robustness tests.The study presented in this paper enriches the theoretical research on green bonds financing and its mechanisms and consequences,and reveals the issuing effects,influencing factors and policy effects of green bonds in China,providing a scientific basis for the evaluation and improvement of green bond financing policies.

关 键 词：绿色债券 绿色技术创新 关于开展绿色公司债券试点的通知 环境规制 资源补偿 

分 类 号：B26[哲学宗教—中国哲学] F23[经济管理—会计学] F27[经济管理—国民经济] G30[文化科学]