“双碳”目标下企业绿色债券发行利率影响因素研究

Research on Influencing Factors of Corporate Green Bond Issuing Interest Rate under the"Double-Carbon"Target

发行绿色债券有利于完善绿色金融体系,而绿色债券的发行利率是影响绿色债券市场发展的重要因素。本文以中国境内上市企业发行的331只绿色债券作为研究对象,通过运用加权最小二乘法构建多元回归方程,实证分析我国企业绿色债券发行利率的影响因素,研究发现:上市企业ESG评级、绿色金融政策推动水平、金融生态总体水平、行业性质和披露募集用途均对企业绿色债券发行利率具有显著影响。基于研究,提出完善绿色金融政策、加大绿色债券的发行规模、逐步推进企业绿债资金用途披露、加大上市公司环境信息披露力度,尤其应该完善ESG信息披露体系等政策建议。

The issuance of green bonds is conducive to improving the green financial system,and the issuance rate of green bonds is a significant factor affecting the development of the green bond market.Taking 331 green bonds issued by listed companies in China as the research object,this paper constructs a multiple regression equation by using the weighted least squares method,and empirically analyzes the factors affecting the green bond issuance rate of Chinese companies.The research finds that listed companies'ESG ratings,green financial policy promotion level,overall level of financial ecology,industry nature and disclosure of fundraising purposes all have a significant impact on corporate green bond issuance rates.Based on the research,it proposed to improve the green financial policy,increase the issuance scale of green bonds,gradually promote the disclosure of the use of corporate green bond funds,increase the environmental information disclosure of listed companies,and especially improve the ESG information disclosure system and other policy recommendations.