绿色债券对企业绿色创新效率的影响研究  

Research on the Impact of Green Bonds on the Efficiency of Green Innovation in Enterprises

作　　者：杨靖 YANG Jing(School of Management and Economics,Kunming University of Technology,650500,Kunming,Yunnan,China)

机构地区：[1]昆明理工大学管理与经济学院,云南昆明650500

出　　处：《特区经济》2025年第4期76-80,共5页Special Zone Economy

摘　　要：绿色转型是我国重要的战略目标,绿色创新效率是衡量绿色转型有效的重要标准,绿色债券的发行对提升企业绿色创新效率有重要影响。本文以2016—2022年A股非金融上市公司为研究对象,考察绿色债券与企业绿色创新效率之间的关系。研究发现,发行绿色债券能显著提升企业的绿色创新效率,机制研究发现这种提升效果是通过绿色债券缓解企业融资约束,提升企业绿色化程度以释放更多绿色信号来吸引投资实现的。本文为绿色债券发行的相关政策制定提供了理论支持。Green transformation is an important strategic goal in China,and the efficiency of green innova⁃tion is an important criterion for measuring the effectiveness of green transformation.The issuance of green bonds has a significant impact on improving the efficiency of enterprise green innovation.This ar⁃ticle takes non-financial listed companies on A-share market from 2016 to 2022 as the research object,and ex⁃amines the relationship between green bonds and the efficiency of corporate green innovation.Research has found that issuing green bonds can significantly improve the green innovation efficiency of enterprises.Mechanism research has found that this improvement effect is achieved by alleviating financing constraints of enterprises through green bonds,enhancing the degree of enterprise greening,and releasing more green signals to attract investment.This article provides theoretical support for the formulation of policies re⁃lated to the issuance of green bonds.

关 键 词：绿色债券 绿色创新效率 信息披露 绿色程度 融资约束 

分 类 号：F832.5[经济管理—金融学]