绿色债券融资能否提升企业收益率？——基于A股上市公司的数据
Can Green Bond Financing Boost Corporate Yields?—Based on the Data of A-Share Listed Companies

绿色债券是兼顾“绿色”与“债券”的新型融资工具，是中国绿色金融体系的重要组成部分。本文基于双重差分模型，以2015~2020年发行债券的A股上市企业为样本，分析发行绿色债券对企业收益率的影响，并采用PSM-DID法进行稳健性检验。同时对其传导机制做出分析，采用Bootstrap法检验融资约束和企业绿色技术创新在绿色债券影响企业收益率过程中是否起到中介效应。研究发现：① 绿色债券对企业收益率有显著提升作用。② 绿色债券通过缓解融资约束进而提升企业收益率。③ 绿色债券的发行促进企业绿色技术创新进而提升企业收益率的路径机制不明显。本文研究为企业参与绿色债券实践提供实证支持，以期鼓励、引导企业发行绿色债券，提升上市企业经济效益和自身价值，进而促进其绿色转型升级。机制研究发现绿色创新主要通过缓解融资约束而非促进绿色创新提升企业收益率，与绿色债券发行初衷并不完全相符，这就要求在鼓励发行绿色债券的同时，加强发行后资金用途管理。
Green bonds are a new type of financing tool that takes into account both “green” and “bonds”, and are an important part of China’s green financial system. Based on the double-difference model, this paper takes the A-share listed companies that issued bonds from 2015 to 2020 as a sample, analyzes the impact of issuing green bonds on corporate returns, and uses the PSM-DID method to test the robustness. At the same time, it analyzes its transmission mechanism, and uses the Bootstrap method to test whether financing constraints and corporate green technology innovation play an intermediary effect in the process of green bonds affecting corporate yields. The study found that: ① Green bonds have a significant effect on corporate profitability. ② Green bonds improve corporate yields by easing financing constraints. ③ The path mechanism for the issuance of green bonds to promote green technology innovation of enterprises and thereby increase the rate of return of enterprises is not obvious. The research in this paper provides empirical support for enterprises’ participation in green bond practice, with a view to encouraging and guiding them to issue green bonds to enhance the economic efficiency and their own value of listed enterprises, and thus promote their green transformation and upgrading. The mechanism study finds that green innovation mainly enhances corporate profitability by alleviating financing constraints rather than promoting green innovation, which is not fully consistent with the original intention of green bond issuance, which requires that while encouraging the issuance of green bonds, the management of post-issuance capital use should be strengthened.