Green bonds and Supply Chain stability
DOI:
https://doi.org/10.62051/kv4tmq46Keywords:
Green Bonds; Supply Chain stability; ESG Performance; Financing Constraints; Staggered DID.Abstract
Against the backdrop of the continuous improvement of the green financial system and the growing demand for supply chain stability, this study takes Chinese A-share listed companies from 2014 to 2022 as the research sample. It systematically explores the impact of green bond issuance on firms’ supply chain stability and its underlying mechanisms using multiple empirical methods, including the staggered difference-in-differences (Staggered DID), instrumental variable two-stage least squares (IV-2SLS), and propensity score matching-difference-in-differences (PSM-DID) methods. The findings reveal that green bond issuance significantly reduces firms’ supply chain concentration and enhances supply chain stability. This conclusion remains robust after a series of robustness tests, such as placebo tests, replacement of the dependent variable, and handling of extreme values. Mechanism tests indicate that green bonds exert their effects through two core channels: first, improving firms’ ESG performance to alleviate information asymmetry between upstream and downstream supply chain partners and strengthen cooperative trust; second, mitigating financing constraints to provide financial support and risk resistance capabilities for the diversified layout of supply chains. Heterogeneity analysis shows that this effect is more pronounced for firms located in eastern China and those in non-heavy-polluting industries. This study fills the research gap in the cross-field of green finance and supply chain management, and provides empirical evidence and practical implications for enterprises to optimize their supply chain structures through green bonds and for policymakers to improve the green financial support system.
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