Green Bond Issuance and Firm Green Innovation
DOI:
https://doi.org/10.54097/ehss.v16i.9768Keywords:
green bond, green patents, green innovation, DID.Abstract
To examine whether the issuance of green bond by firms can promote the issuers’ green innovation,this paper selects A-share listed firms from 2016 to 2021 as the research object, uses the number of green patents to measure the level of green innovation, then establishes a fixed effect model.The research shows that issuing Green bond can improve the level of green innovation of firms, and this transmission effect is realized through resource effect and efficiency mechanism,the supervision effect does exist but not very important.Moreover,by establishing DID and PSM models, it was found that the results are robust to the alternative model setting and endogeneity concerns.
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