绿色债券发行对企业新质生产力的影响研究

——基于突破性绿色创新的中介效应检验

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Impact of Green Bond Issuance on Enterprises'NewQualityProductive Forces： Mediation Effect Test Based on Breakthrough Green Innovation

ZHANG You （School of Management，HebeiGEO University，Shijiazhuang O5oo31， China）

Abstract：This study constructs an evaluation index system for enterprises’new quality productive forces and employs multipleeconometricmodelsto investigate therelationshipsamong greenbond issuance，breakthroughgreeninovation， and enterprises’new quality productive forces，using data from Chinese A-share listed companies in Shanghai and Shenzhen stock markets during 2O14-2023.The findings reveal that green bondissuancecan effctively enhance enterprises‘newqualityproductiveforces.Thisproductivity-bosting effect is more pronounced for enterprises in easternandcentralregions，aswellas thoseoperatinginhighlycompetitiveidustries，comparedtotheircounterparts in western egions and less competitivesectors.Furthermore，greenbond issance promotes the improvementof new quality productiveforces byfostering higherlevelsof breakthrough greeninnovation.Basedonthesefindings，thisstudyproposes policyrecommendations such as optimizing green bond issuance mechanisms，strengthening the development of breakthrough green innovationnetworks，andpromoting multidimensional opennessingreenbond markets.These measuresaim to provide practical guidance for enhancing the level of new quality productive forces inenterprises.

Keywords：green bond issuance;enterprises‘new qualityproductive forces;breakthrough green innovation；highquality development; total factor productivity

一、引言及文献综述

党的二十届三中全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》要求，“健全因地制宜发展新质生产力体制机制”。（剩余15152字）