绿色债券是指将募集资金专门用于企业开发绿色项目或者为符合要求的项目进行再融资的债券工具。与普通债券不同的是，绿色债券在以下三个方面有其特殊性：一是在资金的使用上要求更为具体和详细；二是在绿色项目的申报选取上监管更为严格，三是在资金的监管以及信息披露上的要求更为细致具体。绿色债券作为绿色金融体系的重要组成部分，在支持企业实现绿色转型，进行绿色创新，实现绿色发展上发挥了重要作用。开展绿色债券发行和企业绿色技术创新之间的关系研究，一方面有助于明确其间的内在关系，另一方面也有助于更好地指导我们发挥绿色债券对于企业绿色创新的指导支撑作用，以金融手段促进中国更好实现2030年“碳达峰”与2060年“碳中和”的目标。

文章首先梳理了绿色债券促进企业绿色创新的相关理论，包括企业高质量发展理论、信号传递理论和利益相关者理论，在进行相关理论的介绍以后，文章分析了绿色债券促进企业绿色创新的相关机理并提出待检验的假设。接着，文章基于2009-2021年中国上市公司发行绿色债券的数据，开展了多时点的DID检验，并进行了稳健性检验和平行趋势检验来确保研究结论具有说服力。进一步地，文章分析了企业规模、企业董事、监事和高级管理人员的金融背景对于企业的绿色创新有着怎样的影响并以此来深化研究结论。接着文章还从企业资产收入增长率、企业营业收入增长率和企业可持续增长率三个方面进行了异质性分析。

研究发现：绿色债券的发行可以显著促进企业的绿色创新，且对企业绿色创新的促进作用具有持续性和稳定性。分类别来看，绿色债券的发行对于企业绿色创新的促进作用对于规模较大企业的影响更为显著，企业的董事、监事和高级管理人员具有金融背景也会显著推进企业的绿色债券发行并由此对企业的绿色技术创新水平产生正向的影响作用。与此同时，绿色债券的发行对于资产增长率为正的企业、营业收入增长率为负的企业和可持续增长率为正的企业的绿色创新的促进作用更加显著。

最后文章建议，作为企业一是应当积极把握政策利好，主动推进符合要求的绿色项目通过绿色债券来募集资金。二是企业需要即时准确地做好相关信息披露的工作，消除信息不对称。三是企业应当积极承担社会责任，促进企业的绿色转型和绿色发展。作为政策制定者，则应当有序扩大绿色债券的发行规模，积极引导各类市场主体参与到绿色债券市场的建设中来。作为行业监管部门，则需要完善相应的法律法规，制订相应的政策和措施，实现绿色资金的全流程监管，避免潜在的道德风险。

Green bonds refer to bond instruments that use raised funds specifically for enterprises to develop green projects or to refinance projects that meet requirements. Unlike ordinary creditors' rights, green bonds have their unique characteristics in the following three aspects: firstly, they require more specific and detailed use of funds; The second is stricter supervision in the selection of green project applications, and the third is more detailed and specific requirements in terms of fund supervision and information disclosure. As an important part of the green finance system, green bonds play an important role in supporting enterprises to achieve green transformation, green innovation and green development. The research on the relationship between green bond issuance and enterprise green technology innovation will help us to clarify the internal relationship between them, and on the other hand, help us better guide us to play the guiding and supporting role of green bonds for enterprise green innovation, and promote China to better achieve the goals of "carbon peak" in 2030 and "carbon neutrality" in 2060 by financial means.

The article first reviews the relevant theories of green bonds promoting green innovation in enterprises, including high-quality development theory, signal transmission theory, and stakeholder theory. After introducing the relevant theories, the article analyzes the relevant mechanisms of green bonds promoting green innovation in enterprises and proposes hypotheses to be tested. Then, based on the data of green bonds issued by Chinese listed companies from 2009 to 2021, the paper conducted a multi time DID test, and conducted a robustness test and a parallel trend test to ensure that the research conclusions are convincing. Furthermore, the article analyzes the heterogeneity effects of enterprise size, financial background of directors, supervisors, and senior management, asset income growth rate, operating income growth rate, and sustainable growth rate.

Research has found that the issuance of green bonds can significantly promote green innovation in enterprises, and its promoting effect on green innovation is sustainable and stable. From a categorical perspective, the issuance of green bonds has a more significant impact on promoting green innovation in enterprises and has a more significant impact on larger enterprises. Directors, supervisors, and senior management with financial backgrounds will also significantly promote the issuance of green bonds and thus have a positive impact on the level of green technology innovation in enterprises. At the same time, the issuance of green bonds has a more significant promoting effect on green innovation for enterprises with positive asset growth rates, negative revenue growth rates, and positive sustainable growth rates.

Finally, the article suggests that as enterprises, firstly, they should actively grasp the policy benefits and actively promote green projects that meet the requirements to raise funds through green bonds. Secondly, enterprises need to promptly and accurately disclose relevant information to eliminate information asymmetry. Thirdly, enterprises should actively assume social responsibility and promote their green transformation and development. As policy makers, we should orderly expand the issuance scale of green bonds and actively guide various market entities to participate in the construction of the green bond market. As the industry supervision department, it needs to improve the corresponding laws and regulations, formulate the corresponding policies and measures, realize the process supervision of green funds and avoid potential moral hazard.