The Impact of Green Bond Financing on Regional Ecological and Environmental Resilience: Evidence from 31 Chinese Provinces

Qingxuan He; Yuanchun Yu; Luyao Li

doi:10.54691/jc019807

Authors

Qingxuan He School of Management, Sichuan University of Science & Engineering, Yibin, China
Yuanchun Yu Professor, School of Management, Sichuan University of Science & Engineering, Yibin, China
Luyao Li School of Management, Sichuan University of Science & Engineering, Yibin, China

DOI:

https://doi.org/10.54691/jc019807

Keywords:

Green Bond Financing; Ecological and Environmental Resilience; Industrial Structure Upgrading; Green Technological Innovation.

Abstract

Against the background of global climate change and ecosystem degradation, enhancing regional ecological and environmental resilience has become a core goal of ecological civilization construction in China. As a key instrument of green finance, whether green bonds can effectively empower regional ecological and environmental resilience remains to be tested. To address this issue, this paper uses panel data from 31 Chinese provinces from 2013 to 2023, constructs a comprehensive evaluation index system for regional ecological and environmental resilience covering resistance, adaptation, and recovery, and employs a two-way fixed effects model to examine the impact, mechanisms, and heterogeneity of green bond financing on regional ecological and environmental resilience. The results show that green bond financing significantly improves regional ecological and environmental resilience, and this conclusion remains valid after a series of robustness tests. Mechanism analysis shows that green bond financing does not simply provide funds. Instead, it indirectly strengthens regional ecological and environmental resilience by promoting industrial structure upgrading and green technological innovation. Heterogeneity analysis shows that the ecological benefits of green bonds are more prominent in economically underdeveloped regions and regions with smaller populations. Their effect is mainly reflected in the recovery dimension of ecosystems, while the direct effects on resistance and adaptation are not yet significant. This study demonstrates the practical effect of green bonds on ecological governance and provides a basis for more targeted green finance policies from the perspectives of differentiated policy design, investment optimization, and policy coordination.

Downloads

Download data is not yet available.

References

[1] Bhutta, U. S., Tariq, A., Farrukh, M., et al. (2022). Green bonds for sustainable development: Review of literature on development and impact of green bonds. Technological Forecasting and Social Change, 175, 121378.

[2] Wang, X., & Liu, Q. (2024). Information disclosure and ESG rating disagreement: Evidence from green bond issuance in China. Pacific Basin Finance Journal, 85, 102350.

[3] Xu, G., & Cao, J. H. (2021). Research on the development of green bonds in China under the background of the dual carbon goals. Contemporary Economic Management, 43(12), 1 16. (In Chinese)

[4] Hong, Y. R. (2022). On the development model of green bonds under the background of carbon peaking and carbon neutrality. Science of Law (Journal of Northwest University of Political Science and Law), 40(2), 123 137. (In Chinese)

[5] Zhang, K., Xiong, Z. Y., & Huang, X. J. (2023). Green bonds, carbon emission reduction effects and high quality economic development. Journal of Finance and Economics, 49(6), 64 78. (In Chinese)

[6] Liu, Y. H. (2024). Research on the issuance effect of green bonds in China. Cooperative Economy and Science, (23), 51 53. (In Chinese)

[7] Pietsch, A., & Salakhova, D. (2025). Pricing of green bonds: Greenium dynamics and the role of retail investors. Journal of International Financial Markets, Institutions and Money, 104, 102211.

[8] Yang, X. Y., & Shi, B. F. (2020). Influencing factors of green bond issuance pricing. Finance Forum, 25(1), 72 80. (In Chinese)

[9] Guo, S. H., Bi, F. F., Zhang, J. J., et al. (2022). Research on factors affecting corporate green bond issuance interest rates under the dual carbon goals. Price: Theory and Practice, (8), 101 105. (In Chinese)

[10] Qiao, D., Xu, F. M., Wei, L. J., et al. (2024). Research on green investment portfolio strategies for hedging carbon risk. Statistics and Information Forum, 39(12), 56 70. (In Chinese)

[11] Bai, L. M., Xiu, C. L., Feng, X. H., et al. (2019). Comprehensive evaluation and spatio temporal differentiation of urban resilience in China. World Regional Studies, 28(6), 77 87. (In Chinese)

[12] Fang, Y. L., Su, X. Q., Huang, Z. F., et al. (2022). Spatial spillover effects of urban resilience on tourism economy: Evidence from the Yangtze River Delta Urban Agglomeration. Progress in Geography, 41(2), 214 223. (In Chinese)

[13] Wang, S. J., Cui, Z. T., Lin, J. J., et al. (2021). Coupling coordination between urbanization and ecological resilience in the Pearl River Delta. Acta Geographica Sinica, 76(4), 973 991. (In Chinese)

[14] He, X. R., Shi, C. X., & Peng, K. J. (2024). Spatio temporal adaptation and interactive response between new urbanization and ecological resilience in the middle reaches of the Yangtze River Urban Agglomeration. Resources and Environment in the Yangtze Basin, 33(4), 699 714. (In Chinese)

[15] Wu, W. X., & Wu, Y. M. (2022). Measurement of urban rural resilience and integrated development: Empirical evidence from three provinces and one municipality in the Yangtze River Delta. World Agriculture, (7), 106 119. (In Chinese)

[16] Wang, X. (2023). Measurement and integrated development of rural ecological resilience governance. Statistics and Decision, 39(20), 45 50. (In Chinese)

[17] Cheng, L., Huang, L. X., Yan, Y. C., et al. (2024). Measurement and influencing factors of rural ecological resilience in the Yangtze River Economic Belt. Chinese Journal of Agricultural Resources and Regional Planning, 1 14. Advance online publication. (In Chinese)

[18] Tao, J. Y., Dong, P., & Lu, Y. Q. (2022). Spatio temporal changes and influencing factors of ecological resilience in the Yangtze River Delta. Resources and Environment in the Yangtze Basin, 31(9), 1975 1987. (In Chinese)

[19] Zhu, Y. J., Li, H. B., Hu, X. L., et al. (2022). Social ecological system resilience in underdeveloped counties: A case study of Jingle County, Shanxi Province. Journal of Natural Science of Hunan Normal University, 45(1), 11 19+56. (In Chinese)

[20] Zhang, M. D., & Feng, X. Q. (2022). Comprehensive evaluation of urban resilience in China. Urban Problems, (10), 27 36. (In Chinese)

[21] Lv, T. G., Hu, H., Fu, S. F., et al. (2023). Spatio temporal differentiation and influencing factors of urban ecological resilience in the Yangtze River Delta. Areal Research and Development, 42(1), 54 60. (In Chinese)

[22] Guo, H. H., & Liu, X. M. (2023). Coupling coordination mechanism between new urbanization and ecological resilience of central cities along the Yellow River. East China Economic Management, 37(4), 101 109. (In Chinese)

[23] Li, B. Y., Zhang, J. W., Shen, Y., & Du, Q. (2023). Paths and mechanisms of the impact of green bond issuance on green technological innovation. Science Research Management, 44(11), 134 142. (In Chinese)

[24] Shen, Y., Zheng, J. L., & Jiang, Y. H. (2023). The road to green development: How green bonds promote green technological innovation. Science and Technology Progress and Policy, 40(24), 41 50. (In Chinese)

[25] Wu, Y. H., Tian, Y. N., Chen, Y. Y., & Xu, Q. (2022). Spillover effects, mechanisms and performance of green bond issuance. Management World, 38(6), 176 193. (In Chinese)

[26] Dong, K. Y., Liu, Y., & Dong, X. C. (2025). The impact of green bonds on regional carbon emission reduction: From the perspective of environmental attention. Journal of Beijing Institute of Technology (Social Sciences Edition), 27(4), 42 53. (In Chinese)

[27] Zhou, Y. J., Zhang, C. G., Yin, S. G., et al. (2025). Coupling coordination and influencing mechanism of resistance, adaptation, and recovery in ecological resilience in the Yangtze River Delta. Economic Geography, 45(3), 160 170. (In Chinese)

[28] Xu, X., & Yang, L. (2025). Green bond financing and regional ecological resilience: The role of financial agglomeration mechanisms. Finance Research Letters, 80, 107355.

[29] Gan, C. H., Zheng, R. G., & Yu, D. F. (2011). The impact of industrial structure change on economic growth and fluctuation in China. Economic Research Journal, 46(5), 4 16+31. (In Chinese)

[30] Li, Q. Y., & Xiao, Z. H. (2020). Heterogeneous environmental regulation tools and corporate green innovation incentives: Evidence from green patents of listed firms. Economic Research Journal, 55(9), 192 208. (In Chinese)