Corporate green bond issuance and high-quality corporate development

Abstract

Green bonds have both "green" and "financial" attributes and are an essential part of the green financial system. This paper empirically examines the impact of corporate green bond issuance on their green total factor productivity. The research results indicate that the issuance of green bonds by enterprises can significantly enhance their green total factor productivity. Heterogeneity analysis results show that this promoting effect is more pronounced when the enterprise's financing constraint level is high and in regions with a higher level of marketization.