联系我们

论文查询结果	返回搜索

论文编号：	15491
作者编号：	2120233660
上传时间：	2025/6/12 21:19:58
中文题目：	绿色债券发行对企业绿色创新的影响机理研究
英文题目：	Research on the Impact Mechanism of Green Bond Issuance on Corporate Green Innovation
指导老师：	车建国
中文关键字：	绿色债券；绿色创新；研发投入；融资约束；环保投资
英文关键字：	Green Bonds; Green Innovation; R&D Investment; Financial Constraints; Environmental Investment
中文摘要：	在碳达峰和碳中和的目标驱动下，我国正加速推进绿色经济结构调整，构建新型可持续发展体系。绿色债券作为一种旨在推动可持续发展和绿色转型升级的创新性融资工具应运而生。在国家气候战略的实施框架下，绿色创新是保障经济持续增长与环境保护协同发展的重要途径。深入研究绿色债券影响企业绿色创新的作用机理，已成为当前亟待研究的核心议题。 本研究基于现有理论和文献开展研究，探究发行绿色债券对企业绿色创新的影响机理。在系统梳理并总结评述国内外关于绿色债券及企业绿色创新的相关文献的基础上，构建了多时点双重差分模型与结构方程模型，以探析绿色债券发行对企业绿色创新的影响机理。为了保证研究结论的稳健性，本研究先后在基准回归的基础上运行了平行趋势检验、安慰剂检验、Bacon分解、替换被解释变量检验、更换样本时间区间检验、PSM-DID以及双重机器学习检验,其结果皆验证了基准回归结论的可靠性。在此基础上，本研究结合企业所有权性质、是否属于碳密集型行业、地域差异以及信息披露质量等可能带来的不同影响，从不同层面进行异质性分析，拓宽了本文的研究范畴。进一步地，本研究将研发投入、融资约束与环保投资作为中介变量，通过构建结构方程模型深入探析了绿色债券影响企业绿色创新的作用机理。 研究表明：第一，绿色债券发行对企业绿色创新具有显著的正向影响，该结论通过PSM-DID、双重机器学习等多重稳健性检验后仍然成立。第二，绿色债券的发行对于国有企业、碳密集型行业企业、东部地区企业以及高信息披露质量企业的绿色创新产生了更为显著的推动作用。第三，机理研究表明绿色债券发行可以通过缓解融资压力、增加研发投入及提升环保投资三条渠道，推动企业绿色创新。其中，融资约束的传导效率最高，研发投入的影响次之。据此实证分析结论，本研究针对政府及企业提出了切实可行的政策建议与行动指南。研究成果为我国绿色债券市场的纵深发展与体系完善，以及企业的绿色创新进步与绿色转型升级，提供了理论上的参考依据。
英文摘要：	Under the goals of carbon peaking and carbon neutrality, China is accelerating its green economic restructuring and building a new sustainable development system. Green bonds have emerged as innovative financing tools to promote sustainable development and green transformation. Within the national climate strategy framework, green innovation serves as a crucial pathway to align economic growth with environmental protection. Investigating how green bonds influence corporate green innovation has become an urgent research priority. This thesis examines the impact mechanism of green bond issuance on corporate green innovation using existing theories and literature. By systematically reviewing domestic and international research, this thesis constructed multi-period difference-in-differences models and structural equation modeling. To ensure robustness, this thesis conducted parallel trend tests, placebo tests, Bacon decomposition, variable substitution tests, sample period adjustments, PSM-DID (Propensity Score Matching Difference-in-Differences), and double machine learning tests—all of which validated the reliability of key conclusions. Heterogeneity analysis across enterprise ownership types, carbon-intensive industries, regional differences and information disclosure quality further expanded the research scope. Additionally, this research identified three mediating mechanisms through structural equation modeling: R&D investment, financial constraints, and environmental protection investment. The thesis shows the following findings: First, green bond issuance significantly enhances corporate green innovation, a conclusion validated through multiple robustness checks. Second, state-owned enterprises, carbon-intensive industries, companies in the eastern region and enterprises with high information disclosure quality demonstrate more pronounced green innovation effects. Third, mechanism analysis identifies three drivers through which green bonds foster innovation: foremostly alleviating financial constraints, subsequently increasing R&D investments, and additionally boosting environmental expenditures. Based on these findings, this research proposes practical policy recommendations for governments and businesses. This research provides theoretical foundations for advancing green bond market development and supporting corporate green transformation.
查看全文：	预览  下载(下载需要进行登录)