Does the issuance of green bonds nudge environmental responsibility engagements?Evidence from the Chinese green bond market  

作　　者：Ying Liu Hongyun Huang William Mbanyele Fengrong Wang Huiling Liu 

机构地区：[1]Center for Economic Research,Shandong University,Jinan,250100,China [2]School of Economics,Hefei University of Technology,Hefei,230601,China [3]Qingdao Institute of Humanities and Social Sciences,Shandong University,Qingdao,266237,China

出　　处：《Financial Innovation》2024年第1期2185-2226,共42页金融创新(英文)

基　　金：supported by the National Social Science Fund of China(Grant No.22BJY188);the National Natural Science Foundation of China(Grant Nos.71934001,71573159,41771568,71533004,71974001);the National Key Research and Development Program of China(Grant No.2016YFA0602500);the Strategic Priority Research Program of Chinese Academy of Sciences(Grant No.XDA23070400);the Natural Science Foundation of Shandong Province(Grant No.ZR2021MG011);the Social Science Foundation of Shandong Province(Grant Nos.21CJJJ09,2020-NDJJ-07);the Major Project of Humanities and Social Sciences Research of Shandong University(Grant No.19RWZD05).

摘　　要：Policymakers and managers have increasingly adopted green bonds as a direct financing tool to address environmental degradation and climate change in emerging economies;however,the increasing green washing sentiments in the green bond market raise questions on whether green bonds can nudge polluting businesses to achieve green transformation.Therefore,this study joins the controversial debate by investigating the impact of green bond issuance on corporate environmental responsibilities and the potential impact mechanisms and economic consequences.Using the data of Chinese listed enterprises from 2011 to 2020 and the staggered issuance of green bonds as plausibly exogenous shocks,we determine that the enterprises in the experimental group that issued green bonds increased their environmental performance compared to their counterparts.Furthermore,this positive link is maintains after a series of robustness tests.Moreover,we identify that green bond issuance plausibly enhances environmental responsibility engagements through two governance channels,namely,internal management and external supervision.This beneficial effect appears more pronounced for subsamples of firms in low-polluting industries,without environmental subsidies and with higher managerial abilities.Furthermore,economic consequences indicate that the issuance of green bonds primarily motivates speculative shareholder benefits,as evidenced by short-term increases in stock yields but with limited impact on the short-run financial performance.Overall,these findings offer new evidence supporting that green financing tools could play a helpful hand toward environmental sustainability.

关 键 词：BONDS consequences MARKET 

分 类 号：F42[经济管理—产业经济]