The Impact of Green Bonds Issuance on Company Risk-Taking Level

Promoting green transformation is one of the key methods to achieve the goals of carbon peak and carbon neutrality. In reality, however, a great number of companies are reluctant to invest in green projects out of fear of the associated risks. At this point, the issuance of green bonds may serve to enhance the company risk-taking level, it is meaningful to study the correlation between the two variables. This paper uses the data of Shanghai and Shenzhen A-share listed companies to empirically analyze the impact of green bonds issuance on the company's risk-taking level. It is found that the green bond issuance can significantly improve the company risk-taking level, and the R&D expenditure can work as a mechanism. In addition, the impact of green bond issuance is also varied between polluting companies and non-polluting companies. In the future, when the green bonds policies are further optimized, every country can participate in the protection of the environment more actively.