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The impact of government green bonds on green innovation: Evidence from supply chain spillovers

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  • Chen, Li
  • Wang, Shaowei
  • Wang, Zhixuan

Abstract

Existing green bond research either excludes government green bonds (GGBs) or focuses primarily on their macroeconomic effects, leaving the micro-level supply chain spillover effects of GGBs largely unexplored. Using data on Chinese A-share listed firms and their supply chain partners from 2008 to 2023, this paper examines the green innovation spillover effects of GGB issuance. We find that GGB issuance serves as a strong policy signal, encouraging supply chain firms to enhance green innovation. Mechanism analysis shows that this effect is positively moderated by focal firms' ESG performance, supply chain firms' green investment and reductions in energy consumption, as well as inter-firm relational characteristics. We further show that the spillover effects are stronger for supply chain firms in manufacturing and non-polluting industries, and for firms that are geographically closer and more central within the supply chain network. These findings provide actionable insights into how government green bonds and supply chain linkages can be leveraged to promote green development and foster green innovation.

Suggested Citation

  • Chen, Li & Wang, Shaowei & Wang, Zhixuan, 2026. "The impact of government green bonds on green innovation: Evidence from supply chain spillovers," Economic Analysis and Policy, Elsevier, vol. 90(C), pages 981-997.
    • Handle: RePEc:eee:ecanpo:v:90:y:2026:i:c:p:981-997
    DOI: 10.1016/j.eap.2026.02.004
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