Industrial robot adoption and green premium: evidence from China
Document Type
Research-Article
Journal Name
Applied Economics
Keywords
bond credit spread, green innovation, green premium, green transformation, Industrial robot adoption
Abstract
This paper examines how the adoption of industrial robots affects bond credit spreads. Using panel data of Chinese listed manufacturing enterprises from 2011 to 2019, we conduct an analysis that integrates the data on enterprise robot penetration rates and green bond issuance. We find a negative relationship between industrial robot adoption and green bond credit spreads, which increases the green premium. We also explore the mechanisms through which industrial robot adoption improves the green premium, identifying green innovation, green product advantage, and green transformation. CEO overseas experience, investors’ green attention, and CEO green certification have a significant positive moderating effect on the relationship between robot adoption and the green premium. The negative relationship between industrial robot adoption and bond credit spread is more pronounced among firms with high information disclosure, positive environmental attitude, intense supervision, high R&D investment, and mature enterprises. Further analysis reveals that the adoption of industrial robots, by increasing the green premium, leads to improved corporate social responsibility performance. Our research highlights the role of advanced manufacturing technology in green finance, expanding the understanding of the advantages of enterprise technology upgrades and sustainable financing. © 2026 Informa UK Limited, trading as Taylor & Francis Group.