The impact of green bond issuance on corporate green innovation: A signaling perspective

Changsong Li, Xiaojing Cao, Zeyu Wang, Jiali Zhang and Huan Liu

International Review of Financial Analysis, 2025, vol. 102, issue C

Abstract: Enhancing the green financial system can facilitate green, low-carbon, and high-quality development, with green bond policy playing a pivotal role in fostering corporate green technological innovation. Utilizing data from China's A-share listed firms between 2010 and 2022, this study systematically investigates the impact of green bond policy on corporate green technology innovation. The results indicate that the green bond policy significantly boosts the number of green patent applications by enterprises, particularly green invention patents. Additionally, the policy's effect exhibits heterogeneity: it has a more pronounced impact on promoting green technological innovation in high-pollution industries, and non-state-owned enterprises demonstrate greater green technological innovation capabilities under the policy's influence. Further analysis reveals that green bond issuance enhances the level of green technological innovation by signaling environmental commitment, alleviating corporate financing constraints, and improving corporate environmental information disclosure. These findings offer crucial policy insights for optimizing green bond policies and advancing corporate green technology innovation.

Keywords: Green bonds; Signaling; Green innovation; Green finance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:102:y:2025:i:c:s1057521925002005

DOI: 10.1016/j.irfa.2025.104113

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