Industry Spillover Effect of Green Bonds on Corporate ESG Information Disclosure
As an important part of green finance,green bonds play a self-evident role in environmental benefits.Taking China's non-financial listed enterprises from 2011 to 2022 as samples,this paper adopts multi-period DID to study the industrial spillover effect of green bond issuance,and further discusses its action path.The research results show that:(1)There is industrial spillover effect in the issuance of green bonds in China's bond market.(2)Industry spillover effect is mainly caused by other enterprises in the same industry imitating and learning to issue green bonds and take more actions conducive to environmental protection.(3)The larger the financing constraint,the higher the external attention and the stronger the industry competition become,the more obvious the industry spillover effect will be.The research conclusions verify the influencing factors of ESG information disclosure from the middle level,and also have policy implications for the improvement of the green bond system.
green bondsindustry spilloverESG information disclosure
NETL
NSTL
万方数据
