Green bonds are gradually becoming an important choice for listed companies’ financing methods. The non-financial companies in China’s A-share market that issued green bonds from January 2015 to June 2021 are selected as the experimental group samples, and the companies that only issued ordinary bonds during the same period are selected as the control group samples. Based on the DEA-BCC model, the operating efficiency of listed companies is measured, and a time-varying DID model is constructed to start group tests based on differences in regions, property rights, industries, and credit ratings. The empirical results show that issuing green bonds has a significant positive effect on improving the operating efficiency of listed companies; additionally, compared with listed companies in central and eastern regions, those belonging to state-owned enterprises, those in non-power industries, and those with high credit ratings, the issuance of green bonds has a stronger effect on improving the operational efficiency of listed companies in western region, those possessed by non-state-owned enterprises, those in power industry as well as those with low credit ratings; besides, the issuance of green bonds by listed companies can improve their operating efficiency via reducing financing constraints, promoting transformation and upgrading of themselves, and reducing operating costs. Finally, this paper provides Chinese government and listed companies with some policy suggestions based on the research conculsion.