Research On The Influence Of Green Bond Issuance On The Innovation Level Of Enterprises

In the face of the "dual carbon" goal,enterprises,as the main natural resource consumption and pollution emission subjects,shoulder an important green mission,and realizing green transformation has become a huge challenge for enterprises.In the context of advocating the construction of ecological civilization,green bonds have the dual functions of investment and financing and environmental benefits,and become an important part of the development of green economy.Vigorously developing green bonds not only effectively reduces the funding gap for green development,but also promotes high-quality economic and social development.To build a modern socialist country in all respects,we must,first and foremost,pursue high-quality development.The micro driving force for achieving the ambitious goal of high-quality economic development in China comes from the level of enterprise innovation.At the same time,green development is an important goal and the only way to high-quality development.In the face of green and innovation requirements,this paper studies the impact of green bond issuance on enterprise innovation level.To explore the mechanism of intrinsic influence,this paper uses the panel data of listed A-share enterprises that issued green bonds in China from 2016 to 2021 and other listed companies in their respective industries to study the impact of green bond issuance on the innovation level of enterprises.Firstly,according to whether the sample of enterprises had issued green bonds,they were divided into experimental group and control group,and the multi-time DID model was used to determine whether the issuance of green bonds could effectively improve the innovation level of enterprises.The methods of equilibrium trend test,placebo test and substitution variable test are used to test the robustness and then further analyze the mechanism.Then,after considering the repeated issuance of green bonds and quantifying the marginal impact of green bonds on the innovation level of companies,the double fixed effect model was used to further confirm that green bonds improved the innovation level of companies from the perspective of quantity,and the specific impact of green bond issuance scale on the innovation level of enterprises was studied,and the impact of it was compared with that of ordinary bonds,and then the whole sample was divided into groups in2020 to discuss the impact of green bonds on the innovation level of enterprises in the post-epidemic era,and the robustness test was carried out.Finally,the research conclusion was obtained.The results show that:(1)Green bond issuance has a significant positive effect on the innovation level of listed companies,promoting the innovation level of listed companies on the whole,and the results are stable;(2)The issuance of green bonds eases financing constraints,thereby promoting the improvement of enterprises’ innovation level.(3)The scale of green bond issuance also has a significant positive effect on the innovation level of enterprises,and it is found that the larger the scale of green bond issuance,the higher the innovation level of enterprises.(4)Compared with before the epidemic,the impact of green bond issuance on the innovation level of enterprises after the epidemic has begun to be prominent,from the original insignificant to a significant coefficient of 7%;The research conclusion confirms that the issuance of green bonds to promote green development has a significant impact on the development of enterprises themselves,which is conducive to enhancing the enthusiasm of enterprises in issuing green bonds.