在我国提出“双碳目标”的背景下，国家相关政策的颁布与实施为绿色债券的发展提供了政策支持，绿色债券已然成为可持续发展的实现途径之一，学术界也围绕绿色债券市场展开研究。然而，整理与观察国内外文献研究现状发现：虽然以绿色债券为主题的相关研究文献范围较广，但少有文献直接从企业等微观个体角度关注到绿色债券与环境治理的关系，这为本文研究提供了契机。

本文以绿色债券对环境治理的影响为研究主题，整理相关文献，阐述绿色债券市场发展现状，基于绿色金融理论、社会责任投资理论、技术创新理论、信息不对称理论、利益相关者理论，提出上市企业发行绿色债券能够促进环境治理等研究假设；并从影响机理角度提出政策效应、规模效应、技术效应等研究假设。为了检验研究假设，本文以2011-2021年的上市企业为研究样本，以企业污染物排放量、环保费用化支出、第三方环境治理评分作为被解释变量反映企业环境治理成效，以企业是否发行绿色债券、企业发行绿色债券或非绿色债券、绿色债券募集资金投向作为解释变量，加入控制变量，采用二元logistic回归、多元线性回归、双重差分法等方法进行实证研究。结果表明：（1）绿色债券对环境治理有促进作用，即：上市企业发行绿色债券能够减少企业的主要污染物排放和环保费用化支出，能够提升第三方环境治理评分，且在国有企业中表现更为明显。（2）绿色债券相关政策在绿色债券促进环境治理的过程中起着显著作用。（3）绿色专利技术在绿色债券促进环境治理的过程中起到调节作用。（4）企业发行绿色债券比发行非绿色债券更能促进环境治理，但前者融资成本更高，且在经过第三方认证的企业中表现得更为明显。（5）企业发行绿色债券后，将其全部用于绿色项目更能促进环境治理。据此，本文针对政策发布方、融资主体方、债券承销方、监管机构方提出了可行性对策和建议。

本文扩展了绿色债券的研究范围，搭建了绿色债券影响环境治理的机理框架，进而明确了我国绿色债券发展的影响作用，肯定了绿色债券对环境治理的正向影响，针对结论提出实用性对策以促进绿色债券市场发展，具有一定的理论价值和现实意义。

Under the background of China's "dual carbon goal", the promulation and implementation of relevant national policies provide policy support for the development of green bonds, and green bonds have become one of the ways to achieve sustainable development. However, by sorting out and observing the research status of domestic and foreign literature, it is found that although there is a wide range of relevant research literature on green bonds as the theme, few literature directly focuses on the relationship between green bonds and environmental governance from the perspective of micro individuals such as enterprises, which provides an opportunity for this thesis.

 

This thesis takes the impact of green bonds on environmental governance as the research theme, sorts out relevant literature, expounds the development status of green bond market, and puts forward research hypotheses such as listed enterprises issuing green bonds can promote environmental governance based on green finance theory, socially responsible investment theory, technological innovation theory, information asymmetry theory and stakeholder theory. From the perspective of influence mechanism, this thesis puts forward research hypotheses such as policy effect, scale effect and technology effect. In order to test the research hypothesis, this thesis takes the listed enterprises from 2011 to 2021 as the research sample, and takes the pollutant emissions, environmental protection expenses and third-party environmental governance scores as the explained variables to reflect the effectiveness of enterprise environmental governance. Taking whether enterprises issue green bonds, whether enterprises issue green bonds or non-green bonds, and the investment of funds raised by green bonds as explanatory variables, and adding control variables, this thesis uses binary logistic regression, multiple linear regression, difference-in-differences and other methods to conduct empirical research. The results show that:(1) Green bonds have a promotion effect on environmental governance. (2) Policies related to green bonds play a significant role in the process of green bonds promoting environmental governance. (3) Green patented technology plays a regulatory role in the process of green bonds promoting environmental governance. (4) Issuing green bonds can promote environmental governance better than issuing non-green bonds, but the financing cost of the former is higher, which is more obvious in the enterprises certified by the third party. (5) After an enterprise issues green bonds, it can better promote environmental governance by using all of them in green projects. Accordingly, this thesis puts forward feasible countermeasures and suggestions for policy issuers, financing subjects, bond underwriters and regulators.

 

This thesis expands the research scope of green bonds, builds the mechanism framework of green bonds affecting environmental governance, and then clarifies the impact of green bonds on the development of China, affirmates the positive impact of green bonds on environmental governance, and puts forward practical countermeasures to promote the development of green bond market according to the conclusions, which has certain theoretical value and practical significance.

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