绿色债券的发行人特性与发行信用利差

Characteristics of Issuers and Credit Spread of Green Bond Issuance

本文选取2016年4月-2018年4月发行的绿色企业债券、绿色公司债券和绿色中期票据等79只绿色债券作为对象,采用熵值法构建绿色债券发行人财务评价指数用以全面、客观地描述发行人的财务能力。再从绿色债券发行人特性的角度对绿色债券发行信用利差形成的影响因素进行了实证研究。结论表明:(1)发行人财务状况对绿色债券发行信用利差并无显著影响;(2)发行人评级状况对发行信用利差影响显著,但影响方向相反,可能是由于我国债券评级市场以及绿色债券市场的不成熟造成的;(3)绿色认证虽为绿色债券的固有特性,但对绿色债券发行信用利差影响并不显著。最后就完善我国绿色债券市场、降低绿色企业筹资成本等方面提出了相关建议。

From April 2016 to April 2018, 79 green bonds, including green corporate bonds, green corporate bonds and green medium-term notes were selected as research objects. Firstly, the financial evaluation index of green bond issuers is constructed by entropy method to describe the financial characteristics of issuers comprehensively and objectively.Then, from the perspective of the characteristics of green bond issuers, this paper makes an empirical study on the factors that affect the formation of credit spreads in green bond issuance. Finally, it is concluded that(1)the financial position of the issuer has no significant effect on the credit spread of green bond issuance.(2) the issuer’s rating status has a significant effect on the credit spread, but it has a negative effect on it. The opposite direction may be due to the immaturity of China’s bond rating market and green bond market.(3) Although the green certification is the inherent characteristic of green bonds, it has little effect on the credit spread of green bond issuance. In view of the above conclusions,this paper puts forward some suggestions on how to perfect the green bond market and reduce the financing cost of green enterprises.