Research on the Impact of Green Bond Issuance on the Environmental Performance of Chinese State-Owned Enterprises

DOI: https://doi.org/10.62517/jse.202511617

Author(s)

Li Siqi

Affiliation(s)

Central University of Finance and Economics, Beijing, China

Abstract

With the rapid development of China's green bond market, state-owned enterprises have accounted for 68% of the issuance share, playing a crucial role in achieving the "dual carbon" goals. However, whether the green bond funds are truly and effectively used for environmental improvement projects and whether there is "greenwashing" behavior have become the focus of market and policy attention. Based on the signal transmission theory and the resource dependence theory, this paper constructs a theoretical framework for the impact of green bond issuance on the environmental performance of enterprises, and conducts empirical tests using panel fixed effect models, propensity score matching method (PSM), and case analysis method. The research results show that green bond issuance can significantly improve the environmental performance of state-owned enterprises, especially in high-pollution industries and large enterprises. The mechanism test reveals that green bonds reduce financing costs and increase environmental protection investment, thereby promoting the improvement of environmental performance. This study provides theoretical basis and practical references for the government to optimize green financial policies, enterprises to implement green transformation, and investors to identify high-quality green bonds.

Keywords

Green Bonds; State-Owned Enterprises; Environmental Performance; ESG The Dual-Carbon Target

References

[1] Tang, Q., & Zhang, Y. (2020). Do green bonds improve corporate environmental performance? Evidence from China. Journal of Climate Finance, 1(1), 45–58. [2] Li, S., et al. (2021). State-owned enterprises and carbon neutrality: Evidence from China. Energy Policy, 158, 112541. [3] Hogan, J. E. (2001). Expected relationship value: A construct, a methodology for measurement and a modeling technique. Industrial Marketing Management, 30(4), 339–351. [4] The People's Bank of China. Catalogue of Green Bond-Supported Projects (2024 Edition) [S]. Beijing: China Finance Press, 2024. [5] State-owned Assets Supervision and Administration Commission of the State Council. Action Guide for Carbon Peaking and Carbon Neutrality of Central Enterprises [R]. Beijing: State-owned Assets Supervision and Administration Commission of the State Council, 2021. [6] Wind Database, CSMAR Database. Financial and ESG Data of Chinese Listed Companies [DB/OL]. [Access Date]. https://www.wind.com.cn/ https://www.gtarsc.com/(https://www.gtarsc.com/)