Abstract
As global awareness of climate change and environmental protection deepens, the green bond market has experienced rapid growth. This study utilizes data from heavily polluting companies listed on China's A-share market from 2010 to 2022 to examine the relationship between green bond, environmental concern, and corporate environmental investment. Empirical findings reveal: (1) There is a positive correlation between green bond and corporate environmental investments; (2) Environmental concern acts as a moderator between green bond and corporate environmental investments. (3) Heterogeneity analysis indicates that the promotive effect of green bond on environmental investments is more pronounced in state-owned enterprises and companies located in the eastern region.
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