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| 企业绿色债券对漂绿风险的影响机制研究 |
| The impact of corporate green bonds on greenwashing risk |
| 投稿时间：2025-03-13 修订日期：2025-03-13 |
| DOI： |
| 中文关键词: 绿色债券 漂绿风险 绿色监管 |
| English Keywords:green bonds Greenwashing risk Green regulation |
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| 中文摘要: |
| 绿色债券作为金融市场的重要组成部分,能够快速助力企业筹集绿色项目所需资金,推动企业实现绿色转型,但其潜在的漂绿风险亦需引起相关部门的高度关注,采取有效措施防范此类风险。本文选取2014-2023年305家A股上市公司的相关数据,利用多期双重差分法与财务舞弊GONE理论探讨企业发行绿色债券对漂绿风险的影响机理。模型推导发现,企业管理层基于经济利益与社会声誉需要,将倾向于积极发行绿色债券,有效沟通的门槛条件取决于腐败机会成本、规制与声誉需要、曝光概率和管理层控股比例的影响。实证结果表明,企业发行绿色债券与漂绿风险呈正相关关系,且在腐败操作成本较低、环境规制损失较大、曝光概率较小和管理层控股比例较高时提升漂绿风险作用更显著；企业发行绿色债券对内部财务控制的影响明显小于应对政府绿色监管的影响；对于电力和采矿业等高污染、外部融资依赖度低、国有参股控股的企业而言,发行绿色债券将会更显著提升漂绿风险。 |
| English Summary: |
| Green bonds, as an important component of the financial market, can quickly help companies raise funds for green projects and promote their green transformation. However, their potential greenwashing risks also need to be highly concerned by relevant departments, and effective measures should be taken to prevent such risks. This article selects relevant data from 305 A-share listed companies from 2014 to 2023, and uses the multi period difference in differences method and financial fraud GONE theory to explore the impact mechanism of corporate issuance of green bonds on greenwashing risk. The model deduction found that the management of enterprises tends to actively issue green bonds based on economic interests and social reputation needs. The threshold conditions for effective communication depend on the impact of corruption opportunity cost, regulatory reputation needs, exposure probability, and management shareholding ratio. The empirical results show that the issuance of green bonds by enterprises is positively correlated with greenwashing risk, and the effect of increasing greenwashing risk is more significant when the cost of corrupt operations is low, regulatory reputation loss is large, exposure probability is small, and management control ratio is high; The impact of issuing green bonds by enterprises on internal financial control is significantly smaller than that of responding to government green regulation; For enterprises with high pollution, low dependence on external financing, and state-owned shareholding in industries such as electricity and mining, issuing green bonds will significantly increase the risk of greenwashing. |
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