地方政府优惠政策提升了绿色债券环境效益吗？

摘要/Abstract

摘要： 绿色债券有利于解决经济发展与环境保护间的矛盾。为进一步推进绿色债券发展，各地政府相继出台优惠政策，但优惠政策真的提升了绿色债券环境效益吗？本文以2016—2023年我国沪深两市Ａ股上市公司发行的绿色债券为样本，构建绿色债券环境效益量化函数计算环境效益，运用多期DID模型研究地方政府优惠政策对绿色债券环境效益的影响。研究发现：①地方政府优惠政策能够显著提升绿色债券环境效益，且直接优惠政策提升效果更明显；②地方政府优惠政策通过缓解融资约束、提高投资者信心、加强媒体监督提升绿色债券环境效益；③“双碳”目标对于地方政府优惠政策提升环境效益具有激励作用，并且在国有企业、绿色金融发展水平高的地区企业、环境治理力度大的地区企业中提升效果更明显。本文对于理解地方政府优惠政策如何影响绿色债券环境效益具有重要的理论价值，也为监管部门完善绿色债券优惠政策提供了参考。

关键词: 绿色债券, 地方政府优惠政策, 环境效益

Abstract: Green bonds are conducive to solving the contradiction between economic development and environmental protection. In order to further promote the development of green bonds, local governments have successively issued preferential policies, but do preferential policies really improve the environmental benefits of green bonds? This paper takes the green bonds issued by A-share listed companies from 2016 to 2023 as a sample, constructs a quantitative function for calculating environmental benefits of green bonds, and uses a multi period double difference model to study the impact of local government preferential policies on the environmental benefits of green bonds. The findings show that: (1) Local government preferential policies can significantly improve the environmental benefits of green bonds, and direct preferential policies have a more significant effect on improving the environment; (2)Local government preferential policies improve the environmental benefits of green bonds by easing financing constraints, enhancing investor confidence, and strengthening media supervision; (3) The “two-carbon” strategy has an effect of incentivizing local governments to enhance environmental benefits through preferential policies, and the improvement effect is more pronounced in state-owned enterprises and enterprises in areas where green finance is highly developed and environmental governance is robust. This paper has important theoretical value for understanding how local government preferential policies affect the environmental benefits of green bonds, and also provides reference for regulatory authorities to improve green bond preferential policies.

Key words: green bonds, preferential policies for local governments, environmental benefit

刘建梅, 孟赵旭, 彭红星. 地方政府优惠政策提升了绿色债券环境效益吗？[J]. 管理评论, 2025, 37(10): 223-236.

Liu Jianmei, Meng Zhaoxu, Peng Hongxing. Do Local Government Incentives Improve the Environmental Benefits of Green Bonds?[J]. Management Review, 2025, 37(10): 223-236.

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