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绿色债券发行与企业ESG表现

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绿色债券是绿色金融体系的重要支柱,是一种直接的绿色融资方式.企业发行绿色债券后是否会促进企业向着可持续发展方式发展值得研究.文章分析企业发行绿色债券后对ESG表现的影响,与我国中国式现代化、高质量发展的要求相契合,也利于我国绿色金融体系的有效构建.文章选取 2016-2021 年中国A股市场发行绿色债券的上市公司和发行普通债券未发行绿色债券的上市公司为研究对象,经倾向性得分匹配后研究发现,与发行普通债券的企业相比,发行绿色债券的企业有更好的ESG表现,通过一系列稳健性检验后结论依然成立.进一步地,发行绿色债券主要通过缓解企业融资约束、降低企业代理成本实现对ESG表现的提升.在国有企业、非重污染企业和"双碳"目标提出后,结论更显著.另外,发行绿色债券对ESG表现的促进作用主要集中在对"E"和"S"的影响,对"G"的影响仅存在于制度建设.
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

任晓姝

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厦门大学 管理学院, 福建 厦门 361005

绿色债券 ESG 绿色金融 可持续发展

2024

当代经济管理
石家庄经济学院

当代经济管理

CHSSCD北大核心
影响因子:0.859
ISSN:1673-0461
年,卷(期):2024.46(4)
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