| The Report to the Party’s 20th National Congress clearly states that a green and low-carbon economy and society are crucial to high-quality development.In the context of high-quality economic development,green technology innovation that taking into account both economic growth and environmental protection is the core driving force for green economic transformation and sustainable development.As the backbone of green financial instruments,green bonds have the dual attributes of "environmentally friendly" and "debt financing".They can guide social capital to participate in and support the development of green industries through market-based methods,and provide financial support for promoting green transformation.Under the double background of building green finance system and market-oriented green technology innovation system,it is of great significance to study the relationship between green bond issuance and green technology innovation to achieve green and high-quality development.Can the issuance of green bonds affect enterprises’ green technology innovation?In what way does the issuance of green bonds affect the green technology innovation of enterprises and whether there is conditional heterogeneity?These problems are the focus of attention of policy makers and academic circles.In view of this,this paper selects the data of A-share listed companies from 2012 to 2021,divides the samples into experimental group and control group according to whether the enterprises have issued green bonds,empirically tests the impact of green bond issuance on enterprises’ green technology innovation based on the multi-period differential model,and discusses the mechanism of green bond issuance on enterprises’ green technology innovation.The heterogeneity of the impact of green bond issuance on green technology innovation was further discussed from the aspects of patent type,property right nature,industrial pollution attribute,external financing demand and regional financial development level.The results show that:Firstly the benchmark research results found that green bond issuance significantly promoted the green technology innovation activities of enterprises.After a series of robustness tests,such as parallel trend test,propensity score matching,replacement of explained variables,change of measurement model and placebo test,the conclusion remained stable.Secondly,the results of mechanism test show that issuing green bonds can improve the level of green technology innovation by reducing financing cost,alleviating maturity mismatch and improving information transparency.Finally,the heterogeneity results show that compared with green utility model patents,green bonds issued by enterprises have a higher promoting effect on green invention patents with higher technical content.For state-owned enterprises,non-polluting enterprises,enterprises with high external financing demand and enterprises located in regions with high financial development level,green bond issuance has a more significant promoting effect on green technology innovation.The above conclusions reveal the relationship between green bond issuance and enterprises’green technology innovation.The research results enrich the study on the effect of green bond issuance at the micro level to a certain extent,and provide empirical evidence for promoting green technology innovation and accelerating the green and low-carbon transformation of the real economy.At the same time,it also provides suggestions for the improvement of green bond issuance and relevant systems. |
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