The impact of green bond issuance on corporate green total factor productivity

As green financial instruments continue to permeate the Chinese market, green bonds, as a specialized debt financing tool, have provided corporations with both financing convenience and opportunities for transformation, marking a significant breakthrough in the exploration of ways to enhance corporate green total factor productivity. This paper focuses on A-share listed companies from 2010 to 2022, constructing a double machine learning model from the microcorporate level. The findings reveal that green bonds elevate corporate total factor productivity by driving advancements in green technology, with this effect being particularly pronounced in state-owned, manufacturing, and high-pollution corporations. Furthermore, the study examines the market incentive transmission mechanisms of green bonds through four channels: green investment, green supervision, resource allocation, and internal control, using a double machine learning mediation framework. This research enriches the knowledge of the microeffects of green bonds and provides empirical evidence and policy recommendations for corporate managers seeking to enhance green total factor productivity and explore equitable growth models through the use of green financial tools.