绿色债券发行定价的影响因素

The Factors Affecting the Pricing of Green Bond Issuance

本文以银行间及沪深两市交易所发行的170只绿色债券为研究对象,通过构建绿色债券信用利差影响因素模型,分析发行方式、绿色政策支持力度、第三方绿色认证、发债主体的财务状况对绿色债券发行定价的影响。研究发现:公募绿色债券有利于企业降低融资成本,绿色政策支持是影响企业融资的主要因素,第三方绿色认证的存在对降低绿色债券融资成本没有显著影响,发债主体的财务状况不是影响绿色债券融资成本的显著因素。

The authors of this paper use the sample of 170 green bonds issued in the inter-bank market and the stock exchange of Shanghai and Shenzhen,and construct a model of factors affecting the credit spread and issue pricing of green bonds,including the issue method,green policy support,third-party green certification and issuer’s financial condition.Regarding to enterprises’financing cost of green bond,it’s found that public offering reduces the costs,and green policy support is the main factor;the third-party green certification has no significant impact on reducing the cost;the financial condition of the issuer is not significant for the financing costs.