企业发行绿色债券的动因及效果文献综述

Literature Review on the Motivations and Effects of Corporate Issuance of Green Bonds

摘要: 近年来，我国对可持续发展战略的重视程度持续提升，节能减排领域成为政策聚焦重点。2020年“双碳”目标的提出，配合“1 + N”政策体系的构建，加速了经济绿色低碳转型进程。在此背景下，绿色产业展现出广阔的发展前景。然而，我国绿色债券市场仍处于发展初期，突出表现为两大特征：一是绿色债券在债券发行总量中占比偏低，二是市场整体发展速度滞后于实体经济绿色转型需求，相关制度建设和市场机制尚未成熟。本文利用CiteSpace软件将从CNKI中获取的关键词为“发行绿色债券”，时间范围是2015~2025年的575篇文献进行初步的可视化分析，并梳理了相关领域的研究热点和发展过程。结果发现绿色债券领域的研究自2016年起文献数量波动式增长，研究成果主要集中于金融与经济管理领域。“融资成本”和“融资约束”等是发行绿色债券领域的研究热点，其次基于对国内外期刊文献的综合梳理，深入探讨企业发行绿色债券的内外动因。

Abstract: In recent years, China has placed increasing emphasis on sustainable development strategies, with energy conservation and emission reduction becoming key policy focuses. The proposal of the “dual carbon” goals in 2020, along with the establishment of the “1 + N” policy framework, has accelerated the transition toward a green, low-carbon economy. Against this backdrop, the green industry has demonstrated broad development prospects. However, China’s green bond market remains in its early stages, characterized by two prominent features: first, the proportion of green bonds in the total bond issuance volume is relatively low; second, the overall development pace of the market lags behind the demand for green transformation in the real economy, with related institutional development and market mechanisms yet to mature. This paper utilizes CiteSpace software to conduct a preliminary visual analysis of 575 articles retrieved from CNKI with the keyword “issuance of green bonds,” covering the period from 2015 to 2025, and reviews the research hotspots and developmental trends in this field. The results show that the number of studies in the field of green bonds has experienced fluctuating growth since 2016, with research primarily concentrated in the fields of finance and economic management. “Financing costs” and “financing constraints” are among the key research hotspots in the study of green bond issuance. Furthermore, based on a comprehensive review of domestic and international journal literature, this paper delves into the internal and external motivations for enterprises to issue green bonds.