【摘要】 基于2013—2022年中国A股非金融上市企业数据，运用双重差分法实证研究绿色债券对上市公司绿色转型的影响。研究结果显示：发行绿色债券推动企业发明创新、促进企业绿色转型；发行绿色债券缓解融资约束、增加企业研发投入等途径显著促进企业绿色转型；绿色债券的发行效果在不同类型企业中存在一定的差异性，对于中西部企业、非高科技企业和重污染企业而言，其转型效果更为显著。基于此，建议政府完善法律法规，企业充分利用绿色债券金融工具，因地制宜发行绿色债券，推动企业绿色转型。更多还原

【Abstract】 Based on the data of China′s A-share non-financial listed companies from 2013 to 2022, this paper uses the difference-in-differences empirical method to explore the impact of green bonds on the green transformation of listed companies.The results show that issuing green bonds promotes enterprise innovation and green transformation; issuing green bonds significantly promotes the green transformation of enterprises by alleviating financing constraints and increasing R&D investment. There are some differences in the issuance effect of green bonds among different types of enterprises. For enterprises in the central and western regions, non-high-tech enterprises and heavily polluting enterprises, the transformation effect is more significant. Based on the findings, it is recommended that the government improve laws and regulations, enterprises make full use of green bond financial instruments, issue green bonds according to local conditions, and promote the green transformation of enterprises.更多还原