The impacts of green bonds on the green innovation: Evidence from the corporate green transformation in China

Minhua Yang, Linkun Ma, Yan Gu and Wenfeng Wu

Emerging Markets Review, 2025, vol. 65, issue C

Abstract: This paper investigates the impacts of green bonds on green innovation of 3750 Chinese listed firms from 2016 to 2020. Green bonds positively affect green innovation, which is robust to several robustness checks, by mitigating financial constraints and increasing R&D investments. The effects of green bonds contribute to economic consequences (green transformation) and environmental performance. Only green enterprise bond contributes to green innovation. Such effect is more pronounced for SOEs, firms in environmentally-friendly industries, firms with highly-educated CEOs, and firms with better green development. Moreover, green bonds increase environmental investments and green total factor productivity, which contributes to green transformation.

Keywords: Green bonds; Green innovation; Green transformation; R&D investments; Financial constraints (search for similar items in EconPapers)
JEL-codes: G28 G38 O32 Q56 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:65:y:2025:i:c:s1566014125000019

DOI: 10.1016/j.ememar.2025.101252

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