Research On The Impact Of Green Bonds On Enterprise Financing Efficiency

The increasing emphasis has been put on the green development in the international community.The proposal of the “dual carbon” strategy target in 2020 has indicated China’s firm resolution to promote green development.The advancement of green economy would not be achieved without strong support from green finance system.As an important bond tool in the green financial system,green bonds can not only improve environmental conditions,but also encourage enterprises to achieve green transformation,thus providing strong momentum for the high-quality development of green economy.Currently,the green bonds market is booming,and more attention should be paid to the quality of green bonds development and its micro impact on enterprises.Enterprise financing is the premise of investment,production,and value creation,and the efficiency of financing directly reflects the effectiveness of micro issuance of green bonds.Research on the impact of green bonds on financing efficiency of enterprises and its mechanism is of great practical significance.This dissertation,which combines theories and empirical analysis,explores the mechanism of green bonds issuance and its impact on the financing efficiency of enterprises.First,the relevant research on the relationship between green bonds and the financing efficiency of enterprises is reviewed from a theoretical perspective.The relationship between green bonds and corporate financing costs,and between green bonds and concerns of institutional investors is examined in an overall manner.The mechanism of how green bonds affect the financing efficiency of enterprises by reducing financing costs and catching more attention of institutional investors is analyzed.Second,listed companies of A-share main board,small and medium-sized board,and Chi Next board issued bonds from 2016 to 2021,which are selected as the initial sample.They are divided into treatment group and control group respectively,based on whether they issued green bonds.The DID model with multiple time periods has been used to test the impact of green bonds issuance on financing efficiency of enterprises,and heterogeneous analysis is performed on property rights and green attributes.Furthermore,a mediation model is introduced to verify the impact mechanism of green bond issuance on the financing efficiency of enterprises.Following conclusions have been arrived at: 1.Green bond issuance has a positive impact on the financing efficiency of enterprises and enhances their economic performance;2.Heterogeneity analysis indicates that the positive effect of green bond issuance on financing efficiency is more significant for non-state-owned enterprises and non-heavypolluting enterprises;3.Mediation analysis shows that green bonds promote financing efficiency by mitigating the negative effects of financing costs and enhancing the positive effects of institutional investor’s attention.Based on these findings,this dissertation proposes following recommendations for the government and enterprises: Governments should carry out the incentive policy to encourage diversification of green bonds,take the initiative to promote and guide the concept of green investment,and build a unified,standardized green certification system;enterprises should take advantage of the policy to issue green bonds,take the initiative to strengthen green bond information disclosure,and set up a dedicated committee within the enterprise for green projects.