Research on the Driving Effect of Green Bond Issuance on Corporate Green Technology Innovation

Genze Ren ()
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Genze Ren: Xiamen University

A chapter in Proceedings of the 2026 11th International Conference on Social Sciences and Economic Development (ICSSED 2026), 2026, pp 710-717 from Springer

Abstract: Abstract Under the “Dual Carbon” goals, green technology innovation is crucial for corporate green transformation, yet its high investment and long cycles create financing constraints. Green bonds, as a key direct financing instrument in the green financial system, have unique institutional advantages. Using data of Chinese A-share listed firms from 2010 to 2023, this paper treats green bond issuance as a quasi-natural experiment and employs a staggered difference-in-differences model to examine its impact on green technology innovation and mechanisms. Findings show that green bond issuance significantly enhances corporate green innovation, robust to various tests. The effect operates through mitigating financing constraints and transmitting positive reputational signals. The driving effect is stronger in private firms, high-tech industries, and regions with stringent environmental regulations. The study provides empirical evidence for optimizing green finance policies.

Keywords: Green Bonds; Financing Constraints; Green Technology Innovation (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6239-701-9_73

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DOI: 10.2991/978-94-6239-701-9_73

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