南华大学学报（社会科学版）2025，Vol.26Issue(5)：8-19,12.DOI:10.13967/j.cnki.nhxb.2025.0058
企业绿色债券对漂绿风险的影响机制研究
Mechanism Research on the Impact of Corporate Green Bonds on Greenwashing Risk
摘要
Abstract
Green bonds,as an important component of the financial market,can quickly help companies raise funds for green projects and promote their green transformation.However,the accompanying greenwashing risks urgently require the attention and pre-vention of relevant departments.This article selects relevant data from 305 A-share listed companies from 2014 to 2023,and uses the multi-period difference-in-differences method and financial fraud GONE theory to explore the impact mechanism of corporate issuance of green bonds on greenwashing risk.Model deduction shows that the management of enterprises tends to proactively issue green bonds based on economic interests and social reputation needs.The threshold conditions for effective communication depend on the joint effect of the cost of corrupt operations,regulatory reputation needs,exposure probability,and management shareholding ratio.The empirical results show that the issuance of green bonds by enterprises is positively correlated with greenwashing risk,and the effect of increasing greenwashing risk is more significant when the cost of corrupt operations is low,regulatory reputation loss is large,exposure probability is small,and management control ratio is high;The impact of corporate green bond issuance on internal financial governance is signifi-cantly smaller than that of responding to government green regulations;For enterprises with high pollution,low dependence on external financing,and state-controlled ownership in industries such as electricity and mining,issuing green bonds will significantly increase the risk of greenwashing.关键词
绿色债券/漂绿风险/绿色监管Key words
green bonds/greenwashing risk/green regulation分类
资源环境引用本文复制引用
张彩平,王冯世浩..企业绿色债券对漂绿风险的影响机制研究[J].南华大学学报（社会科学版）,2025,26(5):8-19,12.基金项目
国家社会科学基金后期资助项目"'双碳'目标导向的企业碳资产管理研究"资助(编号:23FGLB011) （编号:23FGLB011）
湖南省哲学社会科学基金"学术湖南"精品培育项目"'双碳'目标导向的碳信息披露体系设计及标准化建设研究"资助(编号:22ZDAJ011) （编号:22ZDAJ011）
