【摘要】 【目的/意义】监管机构缺乏绿色债券发行的环保效应的定量分析,特别是间接溢出效果的定量分析,导致出现绿色债券评级无差别,发行效果差异却很大的情况,使得绿色债券环保效应评估不准确。【设计/方法】根据我国绿色债券市场数据特点,构建空间权重矩阵,建立面板数据空间杜宾模型,从节能减排的角度,测度绿色债券发行的环保效应的空间效应。【结论/发现】绿色债券的发行对于企业减少碳排放量具有显著的促进作用,产生了显著的环保效应,其间接效应远大于其直接效应;揭示了一级市场环保效应显著,二级市场不显著的原因。对其原因的探讨,给出充分利用金融市场,提高绿色债券环保效应的对策。更多还原

【Abstract】 [Purpose/Significance] The lack of quantitative analysis of the environmental protection effect of green bond issuance, especially the quantitative analysis of indirect spillover effect, leads to the situation that the green bond rating is the same but the issuance effect is very different, which makes the evaluation of the environmental protection effect of green bond inaccurate. [Design/Methodology] According to the data of China’s green bond market, a spatial weight matrix is constructed and a panel data spatial Dobbin model is established to measure the spatial effect of the environmental protection effect of green bond issuance from the perspective of energy conservation and emission reduction. [Findings/Conclusions] The empirical results show that the issuance of green bonds can significantly promote enterprises to reduce carbon emissions and produce a significant environmental protection effect, and the indirect effect is much greater than its direct effect; it also reveals the reason that the environmental protection effect of the primary market is significant and that of the secondary market is not significant. Through the discussion of the reasons, countermeasures to make full use of the financial market and improve the environmental protection effect of green bonds are given.更多还原