绿色债券发行利率折价因素实证分析

On the Discount Factors of Green Bond Interest Rate

在其他条件相同的情况下,绿色债券的票面利率通常比非绿色债券略低。本文将通过实证研究来探讨绿色债券相对普通债券的定价差异(即利差)的可能影响因素。我们利用迄今为止主流的绿色债券样本数据进行相关性及回归分析,得出影响其利差的因素主要包括发行期限、发行规模、企业净资产收益率、注册资本规模和市场利率水平等,并给出了相应的解释与对策建议。

Compared to non-green bonds, it＇s the universal phenomenon that the green bond coupon rate isslightly lower. In this paper, we explored the possible influencing factors of the spreads between ordinary bondsand green bond.By means of correlation analysis digging the database of 45 green bond＇s samples, we found that theissued period, the scale of issuance, the return on net assets, the registered capital and the annual interest rateof shibor are all belong to the deriving power which foster the spread between ordinary bonds and green bond.