Research On The Impact Of Green Bond Financing On The Operational Efficiency Of Enterprises

Since the reform and opening up,urbanization and industrialization have been advancing in China,but at the same time,they have caused great impact on the environment.Facing the current ecological and environmental problems,China actively practices the concept of sustainable development and deeply promotes the innovation of green finance,providing new ideas for the transformation of China’s economic development mode and the optimization of economic structure.As an important part of green finance,green bonds have obvious advantages.On the one hand,green bonds can provide new financing channels for enterprises,which is conducive to their production and operation.On the other hand,green bonds can also promote the development of green industry,which is conducive to the improvement of China’s industrial structure and the construction of ecological civilization.This paper adopt the method of empirical analysis to study the effect of green bond financing to enterprise management efficiency problem,this article selects 2013-35,2020 green bonds of the company’s financial data,and green bonds issuance data,using principal component analysis input and output index system,using DEA model to measure samples in 2016,the company’s operating efficiency,And the average annual operating efficiency of the sample companies.Then,the operating efficiency value of enterprises is taken as the explained variable,the issuance scale of green bonds as the explanatory variable,and the financing cost of enterprises as the intermediary variable.The basic characteristic indexes and financial characteristic indexes of enterprises are selected as control variables to build a fixed effect model and study the influence of green bond financing on corporate operating efficiency.Then the mediating effect model is used to test the mediating effect of financing cost and explore the path of green bond financing affecting corporate operating efficiency.Finally,this paper verifies the endogeneity of the dynamic panel model through systematic GMM estimation,and carries out robust analysis by changing the sample range and variable substitution to verify the hypothesis.The results show that:first,the operating efficiency of companies issuing green bonds in 2016 was the low point,and the overall efficiency increased significantly after that;Second,issuing green bonds can improve the operating efficiency of companies.Third,the issuance of green bonds can improve the operating efficiency of companies by reducing financing costs.Finally,based on the research results,this paper puts forward some constructive suggestions to effectively play the role of green bonds in economic development from different perspectives.