绿色债券发行对城投公司经营绩效的影响研究  

Research on the Impact of Green Bond Issuance on the Operating Performance of Urban Investment Companies

作　　者：许敏君 田发[1] Minjun Xu;Fa Tian(Business School,University of Shanghai Science&Technology,Shanghai)

机构地区：[1]上海理工大学管理学院,上海

出　　处：《运筹与模糊学》2024年第2期525-535,共11页Operations Research and Fuzziology

基　　金：上海市哲学社科一般项目:数字经济企业的税收治理水平评估与优化策略研究(2023BJB005)。

摘　　要：在“双碳”目标与“十四五”规划的制定出台之后,我国的经济发展路径必将迈向绿色低碳循环。绿色债券作为一种金融工具,对绿色发展战略的推进及成效展现出了积极的作用,促进可持续发展的绿色经济体系构建,降低碳排放,以达成碳排放峰值及实现碳中和的目标。本研究主要探讨绿色债券发行对城投公司经营业绩的影响。在本文中,我们对2013年至2022年间的城投公司数据进行了分析,探究绿色债券发行对城投公司经营绩效的作用。实证结果表明,绿色债券的发行对城投公司的经营业绩具有积极推动作用,该影响因素的系数值为0.609,借助降低融资成本、优化环境绩效以及提升投资者信心等途径,以提升城投公司的经营绩效。With the proposal of the“dual carbon”goals and the“14th Five Year Plan”,green,low-carbon,and circular economy has become an inevitable choice for China’s economic development.Green bonds,as a financial tool,have a positive impact on green development and performance,promoting the development of a green and low-carbon economy, reducing carbon emissions, and ultimately achieving the goals of carbon peaking and carbon neutrality. This article will study the impact of green bond issuance on the operational performance of urban investment companies. This article uses relevant data from urban investment companies from 2013 to 2022 to analyze the impact of green bond issuance on the operational performance of urban investment companies. The research results show that the issuance of green bonds has a positive impact on the operational performance of urban investment companies, with an impact coefficient of 0.609. By reducing financing costs, innovating color technology, improving environmental performance, and increasing investor confidence, the operational performance of urban investment companies can be improved.

关 键 词：绿色债券 城投公司 双重差分法 中介效应模型 企业经营 

分 类 号：F83[经济管理—金融学]