Do Green Bonds Help to Improve Enterprises’ Financing Efficiency? Empirical Evidence Based on Chinese A-Share Listed Enterprises

This study investigates the relationship between green bonds and enterprises’ financing efficiency. A three-stage data envelopment analysis (DEA) model and a fixed effects model are used to achieve the research objectives. This paper analyzes the dual dimensions of theoretical analysis and empirical investigation. By fully considering the sub-stages of the financing process, it introduces green bonds into the analytical framework of financing efficiency issues. This paper uses data from China’s A-share listed enterprises from 2000 to 2022, uses a three-stage DEA model to measure the efficiency of each sub-stage of enterprises’ financing, and uses a fixed effects model for empirical testing. The study found that issuing green bonds can significantly improve the financing efficiency of enterprises, especially in the total and repayment stages. Furthermore, this paper uses the intermediary effect model to discuss the inherent mechanism of green bonds affecting financing efficiency. Green bonds promote the financing efficiency of enterprises and promote green transformation by affecting investor recognition and financing costs. However, the impact of green bonds is not obvious during the fund use stage and may be related to transparency and accountability mechanisms. This result indicates that expanding investor recognition, financing costs, and green transformation through green bonds is crucial to successfully promoting financing efficiency. The moderation effect model shows that the effect of green bonds issued by state-owned enterprises and highly polluting enterprises is more significant. This study highlights that green bonds positively impact financing efficiency and help promote sustainable economic development. This study also has policy implications for stakeholders.