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| The Road to Green Development: How Green Bonds Promotes Green Technological Innovation |
| Shen Yue1,Zheng Jinlin1,Jiang Yaohui2 |
| (1.School of Economics and Finance, Xi'an Jiaotong University, Xi'an 710000, China;2.School of Business, Shanghai University of Finance and Economics, Shanghai 200082, China) |
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Abstract Green finance is crucial in facilitating the development of ecologically sustainable technological progress, stimulating the expansion of green and low-carbon industries, and propelling the endeavor towards achieving carbon neutrality. Previous studies have indicated that the advancement of green technology is more reliant on financial support compared to general technological innovation. This is primarily due to the challenges associated with green technological innovation and green investment, including high levels of return uncertainty, lengthy investment cycles, substantial scale requirements, inadequate mechanisms for information disclosure, ambiguous definitions of green standards, and elevated evaluation costs. Therefore, the exploration and resolution of the fundamental issue concerning the promotion of green science and technology innovation via green financing, and its role in effectively attaining the objective of carbon neutrality, have emerged as significant subjects warranting scholarly investigation. The green bond is a financial instrument within the green financial system that serves as a direct financing channel. It offers notable benefits in terms of debt repayment cycle and information disclosure when compared to green credit. Additionally, it enhances the ease of financing for enterprises, reduces financing costs, and improves the structure of debt maturity. Consequently, it effectively addresses the financing constraints faced by enterprises, enabling the provision of long-term and stable funds for green research and development projects. Ultimately, this has a profound impact on green technology innovation activities.#br#In order to investigate the impact of green bonds on green innovation through an empirical approach,this study takes the issuance of green bonds by firms as an important event. It focuses on China's main board listed companies as the research subjects and use the difference-in-differences model to analyze the influence of green bonds on green technological innovation. This study obtains data on green bonds by identifying bond codes and bond names. Subsequently, the study compares this data with listed corporations to determine the enterprises that have issued green bonds and the corresponding issuance dates. Ultimately, a total of 3 197 enterprises are retained, resulting in 23 625 observation samples.#br#The research reveals that green bonds have a substantial impact on the advancement of green technological innovation. This conclusion remains valid even after conducting rigorous testing to ensure the reliability and validity of the findings. Mechanistic analysis have revealed that the issuance of green bonds serves to foster green technological innovation through the facilitation of corporate finance and the enhancement of the debt maturity structure. Consequently, this mitigates the limitations associated with financing constraints. Furthermore, this study reveals that green bonds exhibit a noteworthy signaling effect, as evidenced by the heightened public attention directed towards the corporations issuing these bonds. Heterogeneity analyses indicate that the presence of a rigorous intellectual property protection system, a high degree of corporate environmental responsibility, and a substantial level of government subsidies can enhance the effectiveness of green bonds in promoting innovation in green technology. Further analyses have demonstrated that the green bonds contributes to the enhancement of both the economic and environmental performance of firms. The conclusion confirms that there is a need for ongoing enhancement of rules and regulations pertaining to the issuance of green bonds by enterprises. Additionally, it is recommended to expand the financing mechanism for green bonds and offer supportive services within the green technology innovation system. These measures are deemed necessary in order to facilitate the transition towards a greener socio-economic development and the establishment of a sustainable ecological civilization.#br#There are two potential marginal contributions in this study. Firstly, it examines the mediating mechanism via which green bonds facilitate the advancement of green technological innovation, focusing specifically on the bond financing function. Secondly, this study enhances comprehension about the significance of green finance in facilitating the advancement of environmentally-friendly technological innovations, specifically focusing on the utilization of green bonds. The findings of this study provide empirical evidence that aligns with the theoretical framework. Specifically, this study demonstrates that green bonds play a significant role in fostering green technological innovation by addressing financial limitations. Additionally, the study highlights that an effective intellectual property protection system, a strong commitment to corporate environmental responsibility, and substantial government subsidies can further enhance the impact of green bonds on promoting green technological innovation.#br#
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Received: 23 April 2023
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