摘要
从微观主体制造业企业视角,通过构建多时点双重差分模型检验了发行绿色债券对企业碳排放的影响。研究发现,绿色债券能够显著抑制企业碳排放。作用机制检验发现,绿色债券能够通过促进技术创新减少企业碳排放。调节效应分析表明,小型企业、民营企业和受到融资约束程度较高的企业通过发行绿色债券能够更加显著地抑制碳排放。经济后果分析发现,随着绿色债券的发行,企业碳排放的减少能够进一步提升企业价值。基于以上研究结论提出了针对性的政策建议,以期助力“双碳”目标的实现。
From the perspective of micro-subject manufacturing enterprises,the impact of issuing green bonds on enterprise carbon emission was tested by constructing a multi-time point differential model.It is found that green bonds can significantly curb corporate carbon emissions.The mechanism test shows that green bonds can reduce the carbon emission of enterprises by promoting technological innovation.The moderating effect analysis shows that small enterprises,private enterprises,and enterprises with a higher degree of financing constraints can significantly curb carbon emissions by issuing green bonds.The analysis of economic consequences shows that with the issuance of green bonds,the reduction of corporate carbon emissions can further enhance corporate value.Based on the above research conclusions,this paper puts forward targeted policy recommendations to help achieve the“dual carbon”goal.
作者
杨云灿
张永红
黄泽萱
Yang Yuncan;Zhang Yonghong;Huang Zexuan(College of Economics and Management,Taiyuan University of Technology,Taiyuan 030024,China;University of Queensland,Brisbane 4000,Australia)
出处
《煤炭经济研究》
2022年第7期29-38,共10页
Coal Economic Research
基金
山西省哲学社会科学规划课题项目(2021156)
关键词
绿色债券
企业碳排放
融资约束
“双碳”目标
green bond
carbon emission of enterprises
financing constraints
“dual-carbon”target
