The Impact and Mechanism of Green Bonds on Corporate Carbon Emissions—An Empirical Study of Multi-Period DID under the TOE Framework and Taking into Account TWFE Weighted

Abstract

Abstract

Green finance is widely regarded as an important policy tool for promoting the low-carbon transformation of enterprises, but its micro-governance effects and intrinsic mechanisms still need systematic testing. Based on data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2023, this paper uses green bond policy as a quasi-natural experiment and employs a difference-in-differences model to identify the impact of green bonds on corporate carbon emissions. The study finds that green bond issuance significantly reduces corporate carbon emissions, a conclusion that holds true after multiple robustness tests. Mechanism testing shows that green bonds reduce corporate carbon emissions by alleviating corporate financing constraints, strengthening green investment incentives, promoting the simultaneous improvement of the quantity and quality of green innovation, and enhancing executives' green awareness. Further heterogeneity analysis based on the TOE framework reveals that the above-mentioned emission reduction effects are more significant in enterprises with higher levels of digital transformation, sufficient reserves of high-tech talent, strong risk-bearing capacity, and better ESG performance, as well as in regions with higher industry competition intensity and higher levels of environmental regulation. This paper reveals the path of green bonds in reducing corporate carbon emissions from a comprehensive perspective of the linkage between financing structure optimization, corporate governance improvement, and green technology innovation, providing new empirical evidence for improving the green finance system and promoting corporate green development.