Green Bonds and Corporate Innovation Efficiency
DOI:
https://doi.org/10.62051/65mej135Keywords:
Green Bonds, Innovation Efficiency; Financing Constraints; Environmental Disclosure; Green Awareness Among Executives.Abstract
The impact of green bonds on corporate innovation efficiency is a significant practical issue. This study utilizes data from listed companies between 2007 and 2024 to examine the effects of green bond issuance on corporate innovation efficiency. Findings reveal that green bond issuance exerts a significant positive influence on corporate innovation efficiency, a conclusion that remains robust after undergoing a series of stability tests. Heterogeneity analysis indicates that the effect is more pronounced among non-state-owned enterprises, heavily polluting industries, eastern regions, and large-scale enterprises. Mechanism analysis indicates that green bonds enhance corporate innovation efficiency by alleviating financing constraints, improving environmental disclosure quality, and elevating executives' green awareness. These findings align with the logic that green bonds provide stable, targeted funding for corporate innovation activities, thereby stimulating their innovative vitality. This conclusion holds significant implications for guiding green finance to empower corporate technological innovation and enhance new-quality productive forces.
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