Leverage effect or crowding out effect: the impact of green bonds on corporate green innovation
DOI:
https://doi.org/10.54097/ajdnmc28Keywords:
Green bonds, Enterprise green innovation, Difference-in-differences modelAbstract
Green bonds are an important part of the green financial system, and their dual attributes of external supervision and market allocation are crucial to corporate green innovation. Based on the panel data of Chinese A-share listed companies from 2009 to 2023, this paper uses the progressive difference-in-differences model to explore the impact of green bond issuance on corporate green innovation. It is found that enterprises can improve the level of green innovation by issuing green bonds. The issuance of green bonds achieves the leverage effect on green innovation on the basis of existing innovation activities by encouraging enterprises to increase R&D investment and human capital.
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