Green Bond Issuance and Corporate Performance in ESG
Green bond is an important pillar of the green financial system,and it is a direct green financing method.Will the issuance of green bonds promote sustainable development of enterprises?This question deserves special attention.And analyzing the impact of green bond Issuance on enterpri-ses'performance in ESG is not only in line with the Chinese modernization and high-quality development,and also conducive to the effective construc-tion of green financial system.The study found that compared with companies which issuing ordinary bonds,companies issuing green bonds had better ESG performance,and the conclusion was still true after a series of robustness tests.Further,the issuance of green bonds mainly improves ESG per-formance by alleviating the financing constraints of enterprises and reducing the corporate agency costs.After state-owned enterprises,non-heavy pollu-tion enterprises and"dual-carbon"targets were proposed,the conclusion is more significant.In addition,the promoting effect of ESG performance mainly focuses on the influence on"E"and"S",while the influence on"G"only exists in the system construction.
green bondsESGgreen financesustainable development