Research on the Impact of Green Bonds on the Financing Efficiency of Enterprises
DOI:
https://doi.org/10.6981/FEM.202505_6(5).0010Keywords:
Green Bonds; Enterprise Financing Efficiency; Green Debt Financing Vehicles.Abstract
As an important component of green financial tools, the financing efficiency of green bonds directly affects the investment decisions and value creation capabilities of enterprises. Therefore, the financing efficiency of enterprises can be used as an important indicator to evaluate the micro-effects of green bonds. Taking the Chinese green bond market as the research object, based on the green bond issuance data and enterprise financial data from 2012 to 2023, the DEA model was used to calculate the financing efficiency of enterprises, and an empirical analysis was conducted on the impact of green bonds on the financing efficiency of enterprises. The research found that the issuance of green bonds significantly promoted the financing efficiency of enterprises. The research results provide empirical support for the policy-making and market development of green bonds, and also offer theoretical basis and suggestions for improving the financing efficiency of enterprises.
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References
[1] Zhiyong Li, Ying Tang et al. “The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification.” Emerging Markets Finance and Trade(2019).
[2] Yunfeng Zhao, Yi-ding Yue et al. “Financing Advantage of Green Corporate Asset-Backed Securities and its Impact Factors: Evidence in China.” Frontiers in Energy Research(2021).
[3] Сергей Анатольевич Смирнов, Андрей С. Булгаков. “The Efficiency of Environmental Project Financing with Green Bonds in the Energy Sector: Evidence from EU Countries.” Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438(2022).
[4] Kexian Zhang, Xiaoying Liu et al. “Discretionary Effort on Green Technology Innovation: How Chinese Enterprises Act when Facing Financing Constraints.” PLoS ONE(2021).
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