Assessing the Impacts and Mechanisms of Green Bond Financing on the Enhancement of Green Management and Technological Innovation in Environmental Conservation Enterprises

Environmental policy formulation, implementation, and evaluation represent crucial steps in striking a harmonious balance between the economy and the environment. Market-oriented green bonds have emerged as a notable instrument within environmental policy expression. In China, the adoption of green bonds reflects a shared commitment to dual carbon objectives and sustainable development, with both the government and the populace actively engaged. Drawing on theories of green management (GM) and technological innovation within environmental protection enterprises, this study formulates two hypotheses and analyzes a dataset comprising 1024 annual samples from 252 listed companies. This research explores the impact and underlying mechanisms of green bonds on GM and technological innovation within environmental protection enterprises. The findings reveal distinct patterns in the influence of green bonds issued before and after 2017. Specifically, for green bonds issued before 2017, the study identifies a significant, albeit negative, relationship at the 1% significance level between bond issuance and technological innovation (−0.032). The environmental performance value associated with the enterprise’s green strategy shows a notable negative correlation (−0.251), while enterprise value exhibits a positive relationship (0.155). Conversely, green bonds issued after 2017 exhibit a markedly different dynamic. The study detects a highly significant positive association between bond issuance and technological innovation at the 1% significance level (1.322). Furthermore, the environmental performance value linked to the enterprise’s green strategy demonstrates a substantial positive correlation (1.467), and enterprise value experiences a substantial increase (3.268). These findings underscore the pivotal role of green bond financing in significantly enhancing the technological innovation capabilities of environmental protection enterprises, particularly in the post-2017 period.