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| 论文编号： | 14730 | |
| 作者编号： | 2120223658 | |
| 上传时间： | 2024/6/7 10:21:40 | |
| 中文题目： | 绿色债券发行、环境规制与绿色创新 | |
| 英文题目： | Green bonds issuance, environmental regulation and green innovation | |
| 指导老师： | 姚颐 | |
| 中文关键字： | 绿色债券；环境规制；绿色创新 | |
| 英文关键字： | Green bonds issuance; Environmental regulation; Green innovation | |
| 中文摘要： | 自 2015 年以来，我国政府对绿色债券给予了高度的重视和支持。各部门出 台政策为绿色债券的发行提供了具体的操作指南。随着政策的不断推出和完善， 我国绿色债券市场呈现出快速发展的态势。投资者逐渐认识到绿色债券不仅具 有较高的投资收益，而且符合可持续发展的理念，是一种具有社会责任感的投 资选择。未来，随着债券市场的不断发展和完善，绿色债券将为我国的绿色发 展和生态文明建设注入新的动力。基于此背景，本文以企业发行绿色债券这一 事件构建变量，研究其对绿色创新的影响。 本文以 2013-2022 年的 A 股上市公司为样本，将样本期间内发行绿色债券 的企业作为处理组，其余作为对照组，研究绿色债券的发行对绿色创新的影响， 以及环境规制在其中的调节作用。进一步研究中，本文探究了发行绿色债券的 环境后果，并从企业产权性质、所在地区、所属行业等角度进行异质性分析。 本文的实证结果表明，企业发行绿色债券能够显著促进企业绿色创新水平 的提升，环境规制在其中起到正向调节作用。其中，命令型环境规制的调节效 应并不显著，而非正式环境规制、市场型环境规制的调节效应正向显著，且具 有一定的滞后性。进一步研究中，本文利用大气污染物排放数据进行实证检验， 结果显示，企业发行绿色债券显著降低了二氧化硫和氮氧化物的排放。企业异 质性检验结果表明，绿色债券对绿色创新的促进作用在国企和非国企中均显著， 且对国企的促进作用更强。绿色债券对绿色发明专利、绿色实用新型专利的促 进作用均在国企中更强。重污染行业类企业发行绿色债券对绿色创新有显著促 进作用，而非重污染行业则不显著。绿色债券对绿色创新的影响在处于经济发 展水平较低地区的企业中较为显著。 | |
| 英文摘要： | Since 2015, China's government has attached great importance to and supported green bonds. Various departments have issued policies to provide specific operational guidelines for the issuance of green bonds. With the continuous introduction and improvement of policies, China's green bond market has shown rapid development. Investors gradually recognize that green bonds not only have high investment returns, but also meet the concept of sustainable development, which is a socially responsible investment choice. In the future, with the continuous development and improvement of the bond market, green bonds will inject new impetus for the green development and ecological civilization construction in China. Based on this background, this paper takes the event of corporate issuance of green bonds as the constructing variable to study its impact on green innovation. Taking the A-share listed companies from 2013-2022 as a sample, this paper takes the enterprises issuing green bonds during the sample period as the treatment group and the rest as the control group to study the impact of green bond issuance on green innovation and the moderating role of environmental regulation in it. In further research, this paper explores the environmental consequences of issuing green bonds and analyzes the heterogeneity from the perspectives of the nature of corporate property rights, the region where they are located, and the industry to which they belong. The empirical results of this paper show that the issuance of green bonds by enterprises can significantly promote the enhancement of green innovation level of enterprises, and environmental regulation plays a positive moderating role in it. Among them, the regulating effect of command-type environmental regulation is not significant, while the regulating effect of informal environmental regulation and market-type environmental regulation is positive and significant with a certain lag. In further research, this paper utilizes air pollutant emission data to conduct empirical tests, and the results show that corporate green bond issuance significantly reduces sulfur dioxide and nitrogen oxide emissions. The results of enterprise heterogeneity test show that the promotion effect of green bonds on green innovation is significant in both SOEs and non-SOEs, and the promotion effect on SOEs is stronger. The promotion effect of green bonds on green invention patents and utility model patents is stronger in SOEs. Green bonds issued by enterprises in the category of heavy pollution industry have a significant promotion effect on green innovation, while it is not significant in non-heavy pollution industry. The effect of green bonds on green innovation is more significant in enterprises with lower levels of economic development . | |
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