绿色债券发展及其定价研究——基于二叉树模型分析

The Pricing and Empirical Research of Green Bonds Based on The TwoBinomial Tree Model

绿色债券是一种着力解决生态环境问题的新型金融工具,兼备"债券"和"绿色"两个特点。近年来,作为绿色金融的重要组成部分,绿色债券在我国发展迅速。本文利用二叉树定价模型对当前市场上流通的6支绿色债券定价研究,结果显示:结合目前实际情况,我国绿色债券价格被明显低估。在此基础上,本文对绿色债券价格低估现象进行分析,完善绿色债券市场的定价理论,为绿色债券发行者和投资者提供参考和借鉴。

Green bonds is a new type of financial instrument focused on solving the ecological environment problems. It has both the features of "bond" and "green".In recent years, as an important part of green finance,green bonds have developed rapidly in our country.This paper uses the Two Binomial Tree Model to study the pricing of 6 kinds of green bonds in China. The result shows that the price of green bonds in our country is apparently underestimated.This article combines the actual situation of China’s green bond market, analyzes the phenomenon of underestimation of the price of green bonds, perfects the pricing theory of the green bond market, and provides reference for the issuers and investors of green bonds.