“实质绿”债券的绿色创新效应研究——基于贴标与非贴标的对比视角  

A Study of the Green Innovation Effect of Substantial Green Bonds:A Comparative Perspective of Labeled and Unlabeled Bonds

作　　者：王勇[1] 芦雪瑶 WANG Yong;LU Xue-yao(School of International Business,Hainan University,Haikou 570228,China)

机构地区：[1]海南大学国际商学院,海南海口570228

出　　处：《海南大学学报（人文社会科学版）》2023年第6期154-164,共11页Journal of Hainan University （Humanities & Social Sciences）

基　　金：国家自然科学基金项目(72164009);海南省哲学社会科学规划课题(HNSK(YB)21-19);海南省院士团队创新中心资金资助。

摘　　要：含括贴标和大量非贴标绿色债券的“实质绿”债券是绿色创新的重要融资来源。采用2010—2020年中国30个省份面板数据,基于贴标与非贴标的对比视角实证考察“实质绿”债券对绿色技术创新的影响。研究表明:第一,“实质绿”债券总体上能够显著提高绿色创新水平,且相较贴标绿债,非贴标绿债的绿色创新驱动效应更强;第二,“实质绿”债券的创新驱动效应对高质量绿色创新和我国东部地区样本更加显著;第三,贴标绿债较非贴标绿债存在更大的“漂绿”风险,较高的政府环境关注度和绿色金融发展水平以及相对完善的司法环境是“漂绿”风险的有效防范机制,也是绿色债券发挥积极作用的先决条件。研究结论不仅为非贴标绿债的积极作用提供了有益证据,更证实了贴标并非绿色债券的“保证书”,贴标绿债存在较大的“漂绿”风险亟待规范。Plenty of green bonds,including the labeled and non-labeled green bonds,are an important source of financing for green innovation.With the panel data of 30 Chinese provinces from 2010 to 2020,this paper empirically examines the impact of"substantial green"bonds on green technology innovation based on the comparison between the labeled and non-labeled bonds.Research shows that(1)"substantial green"bonds can significantly improve the green innovation in general,and the driving effect of green innovation from the nonlabeled green bonds is stronger.(2)The driving effect is more significant for high-quality green innovation and for the eastern region of China.(3)The labeled green bonds have a greater"greenwashing"risk than the nonlabeled ones.The higher level of government environmental concern,the green financial development as well as the relatively perfect judicial environment are the effective prevention mechanisms for the"greenwashing"risk and the prerequisites for green bonds to play a positive role.The findings not only provide useful evidence for the positive effects of non-labeled green bonds,but also confirm that the labeled are not a guarantee for green bonds.Since the labeled green bonds have a greater"greenwashing"risk,it is urgent for them to be regulated.

关 键 词：绿色债券 绿色创新 “实质绿”债券 漂绿 

分 类 号：F062.2[经济管理—政治经济学] F830