Green bond financing not only provides green transformation funds for enterprises,but al-so achieves governance of the issuing entity through auditing the issuing entity and financing proj-ects,tracking the use of funds,guiding social funds to enter,etc.,incentivize enterprises to increase research and development investment,and enhance technological competitiveness potential.Based on the empirical analysis of a sample of listed companies that have issued bonds on the Shanghai and Shenzhen Stock Exchanges in China from 2016 to 2021,it is found that green bond financing has the role of resources,supervision and stimulation,and can play a"catfish effect"in enhancing the technological competitiveness potential of enterprises.Analysts'attention has a mediating effect on green bond funds enhancing the technological competitiveness potential of enterprises.The ESG rating of enterprises and the policy of changing environmental protection fees to taxes can enhance the role of green bond funds in the potential for technological competitiveness of enterprises,while agency costs weaken the positive effect of green bond funds on the potential for technological compe-tition of enterprises.The technological competitiveness potential of state-owned enterprises,enter-prises in central and western regions,and capital intensive enterprises is more significantly affected by green bond financing.
green bondstechnological competitiveness potential of enterprisescatfish effect
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