绿色债券融资能否发挥“鲇鱼效应”:绿色债券对企业技术竞争潜力的作用  

Can Green Bond Financing Play the“Catfish Effect”:The Role of Green Bond on Technological Competi⁃tiveness Potential of Enterprises

作　　者：王海林[1] 常正伟 巢斯茗 Wang Hailin;Chang Zhengwei;Chao Siming

机构地区：[1]首都经济贸易大学会计学院,北京100070

出　　处：《金融理论与实践》2024年第2期51-64,共14页Financial Theory and Practice

基　　金：国家社会科学基金一般项目“数字供应链金融赋能中小企业韧性的机制及效果研究”(23BJL137)的阶段性成果。

摘　　要：绿色债券融资在为企业提供绿色转型资金的同时,也可以通过对发行主体及融资项目的审核、资金使用的跟踪、引导社会资金进入等实现对发行主体的治理,激励企业加大研发投入,提升技术竞争潜力。基于2016-2021年我国沪深证券交易所发行过债券的上市公司样本,实证分析发现,绿色债券资金具有资源、监督和激发作用,能够在提升企业技术竞争潜力中发挥“鲇鱼效应”。分析师关注在绿色债券资金对企业技术竞争潜力的提升作用中具有中介效应,企业ESG评级、环保费改税政策可以增强绿色债券资金对企业技术竞争潜力的提升作用,代理成本会减弱绿色债券资金对企业技术竞争潜力的积极效应。国有企业、中西部地区企业、资本密集型企业的技术竞争潜力受绿色债券融资的影响更为明显。Green bond financing not only provides green transformation funds for enterprises,but al-so achieves governance of the issuing entity through auditing the issuing entity and financing proj-ects,tracking the use of funds,guiding social funds to enter,etc.,incentivize enterprises to increase research and development investment,and enhance technological competitiveness potential.Based on the empirical analysis of a sample of listed companies that have issued bonds on the Shanghai and Shenzhen Stock Exchanges in China from 2016 to 2021,it is found that green bond financing has the role of resources,supervision and stimulation,and can play a“catfish effect”in enhancing the technological competitiveness potential of enterprises.Analysts’attention has a mediating effect on green bond funds enhancing the technological competitiveness potential of enterprises.The ESG rating of enterprises and the policy of changing environmental protection fees to taxes can enhance the role of green bond funds in the potential for technological competitiveness of enterprises,while agency costs weaken the positive effect of green bond funds on the potential for technological compe-tition of enterprises.The technological competitiveness potential of state-owned enterprises,enter-prises in central and western regions,and capital intensive enterprises is more significantly affected by green bond financing.

关 键 词：绿色债券 技术竞争潜力 鲇鱼效应 

分 类 号：F832[经济管理—金融学]