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论文编号：	14682
作者编号：	2120223640
上传时间：	2024/6/5 23:47:26
中文题目：	绿色债券发行与企业ESG表现研究
英文题目：	Study On Green Bond Issuance and ESG Performance of Enterprises
指导老师：	王志红
中文关键字：	绿色债券；ESG表现；漂绿
英文关键字：	Green bonds;ESG performance;Greenwashing
中文摘要：	随着环境问题日益受到全球关注，机构投资者和个人投资者都在积极寻找具有环保和社会责任意识的投资项目，绿色债券成为了一个备受关注的投资领域。本文研究了发行绿色债券对企业ESG表现的影响以及漂绿行为的调节作用，并分析了不同性质的企业上述作用是否存在差异。 绿色债券对企业ESG表现的影响似乎是显而易见的，因为绿色债券本身就是企业为了支持其绿色项目筹集的资金，自然会提高企业ESG表现。但考虑到绿色债券指引中允许企业使用募集资金用于其他规定用途，再加上绿色债券市场目前存在的漂绿现象，这两方面因素必然会削弱绿色债券的绿色属性。因此，尽管绿色债券在理论上有望提高企业的ESG表现，但在实际操作中存在诸多限制和挑战，那么在这种前提下企业发行绿色债券是否能提高其ESG表现呢？本文将采用多期双重差分模型理论分析及实证研究2012-2022年中国A股上市公司发行绿色债券对ESG表现的影响，并研究企业漂绿行为在发行绿色债券及ESG表现之间的调节作用，得出的结论为上市公司发行绿色债券有助于提高企业ESG表现，“漂绿”程度低的企业、国有企业和重污染行业在绿色债券发行后ESG评分提升幅度更大。这一结论说明，尽管绿色债券市场在实践中存在着一些问题，特别是诸如漂绿等挑战，但它仍然是推动企业可持续发展和ESG改善的有效工具。然而，企业在发行绿色债券时存在漂绿行为的确限制了绿色债券在ESG表现方面的真正影响力。这一问题的存在表明绿色债券市场需要更多的监管和透明度，以确保资金流向真正的环保和可持续发展项目，解决漂绿问题将成为绿色债券市场未来发展的重要方向之一。
英文摘要：	With environmental issues receiving increasing global attention, both institutional and individual investors are actively looking for environmentally friendly and socially responsible investment projects, and green bonds have become an investment area of concern. This paper studies the impact of green bond issuance on ESG of enterprises and the moderating effect of greenwashing behavior, and analyzes whether the above effects are different among enterprises of different natures. The impact of green bonds on corporate ESG performance seems obvious, as green bonds themselves are funds raised by companies to support their green projects, which naturally improve corporate ESG performance. But given the green bond guidelines, which allow companies to use the proceeds for other specified purposes, and the current greenwashing in the green bond market, these two factors are bound to undermine the green character of green bonds. Therefore, although green bonds are expected to improve the ESG performance of enterprises in theory, there are many limitations and challenges in practice. Under this premise, can enterprises issue green bonds to improve their ESG attributes? In this paper, the impact of green bond issuance by Chinese A-share listed companies on ESG performance from 2012 to 2022 will be analyzed theoretically and empirically by using A multi-period differential model, and the regulatory effect between green bond issuance and ESG performance will be studied. The conclusion is that green bond issuance by listed companies will help improve ESG performance. Enterprises with a low degree of "greenwashing", state-owned enterprises and heavily polluting industries have more ESG benefits from green bond issuance. This conclusion shows that despite some problems in practice, especially challenges such as greenwashing, the green bond market remains an effective tool for promoting corporate sustainability and ESG improvement. However, greenwashing by companies when issuing green bonds does limit the true impact of green bonds on ESG performance. The existence of this problem shows that the green bond market needs more regulation and transparency to ensure that funds flow to truly environmental protection and sustainable development projects, and solving the problem of green bleaching will become one of the important directions for the future development of the green bond market.
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