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论文编号：	14058
作者编号：	2120213300
上传时间：	2023/6/8 11:22:02
中文题目：	绿色债券发行对企业ESG表现的影响研究
英文题目：	Research on the Impact of Green Bond Issuance on Corporate ESG Performance
指导老师：	李姝
中文关键字：	绿色债券；ESG表现；绿色创新能力；会计信息披露质量；融资约束
英文关键字：	Green bonds; ESG performance; Green innovation capability; Quality of accounting information disclosure；Financing constraint
中文摘要：	中国经济近年来快速发展，粗放型的发展模式也导致了生态环境破坏和能源资源短缺问题，社会经济面临复杂的外部挑战。党的十九届五中全会提出了“推动绿色发展，促进人与自然和谐共生”的发展理念，建设人与自然和谐共生的现代化，这是经济社会全面绿色转型的关键一步，也是企业实现可持续发展的重要一步。推动我国生态文明建设，发展绿色循环经济需要充足的资金支持。绿色债券作为绿色金融市场构成之一的新型债务融资工具，其发行目的在于有效支持绿色产业投资项目，满足企业绿色融资需求，助力社会可持续发展。推进企业ESG发展对于我国实现“双碳”目标和贯彻新发展理念具有重要意义。然而在股东利益最大化的目标下，企业提升ESG表现存在着资金短缺和激励不足的问题，在国家政策、评级机构以及投资者对ESG表现关注度不断提高的压力之下，企业寻找提升ESG表现的途径势在必行。因此，研究企业发行绿色债券和ESG表现之间的关系，对探究绿色债券发行后果和ESG影响因素的研究具有一定意义。 本文首先对相关文献进行了梳理总结，选取2015-2021年A股上市公司为数据样本，将发行过绿色债券的企业定义为处理组，利用双重差分法衡量绿色债券对发行主体ESG表现的作用。在对基准回归进行了稳健性检验的基础上探究绿色债券发挥作用的传导机制，深入分析绿色创新、会计信息披露质量和融资约束的作用，并且从产权性质和媒体关注度研究绿色债券作用的异质性。 通过理论分析与实证研究，本文得到以下结论：第一，发行绿色债券后企业ESG表现较发行前得到明显提高。第二，企业绿色债券的发行提升了绿色创新能力、改善了会计信息披露质量、缓解了融资约束，从而提高企业ESG表现。第三，相比于非国有企业和媒体关注度较低的企业，国有企业和媒体关注度较高的企业发行绿色债券对ESG表现的积极作用更明显。
英文摘要：	China's rapid economic development in recent years has led to the destruction of ecological environment and shortage of energy and resources, and the society and economy are facing complex external challenges. The Fifth Plenary Session of the 19th CPC Central Committee put forward the development concept of "promoting green development and harmonious coexistence between human beings and nature", emphasizing the relationship between human beings and nature, which is a key step for society to move towards green development and an important step for enterprises to transform into a green economy. To promote the construction of ecological civilization in China, the development of green circular economy and sustainable development requires sufficient financial support. As a new type of debt financing instrument and one of the components of the green financial market, green bonds are issued to effectively support green industrial investment projects, meet the green financing needs of enterprises and help the sustainable development of society. The public thinking about global sustainable development further extends to the capital market field, and the concept of ESG investment gradually becomes prevalent. Promoting corporate ESG development is important for implementing China's new development concept and the national strategy to achieve the "double carbon" goal. However, under the goal of maximizing shareholders' interests, there are insufficient incentives and funds for enterprises to improve ESG performance. Under the pressure of increasing attention to ESG performance from national policies, rating agencies and investors, it is imperative for enterprises to find ways to improve ESG performance. Therefore, it is meaningful to study the relationship between green bond issuance and ESG performance of enterprises to explore the consequences of green bond issuance and ESG influencing factors. Firstly, this dissertation summarizes the relevant literature, selects A-share listed companies from 2015 to 2021 as data samples, defines the enterprises that have issued green bonds as the treatment group, and uses the double difference method to measure the effect of green bonds on the ESG performance of issuers. Based on the robustness test of benchmark regression, this dissertation explores the transmission mechanism of green bonds, deeply analyzes the effects of green innovation, accounting information disclosure quality and financing constraints, and studies the heterogeneity of green bonds' effects from the nature of property rights and media attention. The main conclusions of this dissertation are as follows: First, corporate ESG performance is significantly improved after issuing green bonds. Second, the issuance of corporate green bonds enhances green innovation capability, improves accounting information disclosure quality, and alleviates financing constraints, thus improving corporate ESG performance. Third, the positive effect of green bonds issued by state-owned enterprises and enterprises with high media attention on ESG performance is more obvious than that of non-state-owned enterprises and enterprises with low media attention.
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