我国绿色债券发行利率的主要影响因素分析

The Analysis on the Main Influencing Factors of the Interest Rate in Green Bonds of China

采用2016-2018年绿色债券的横截面数据,基于线性回归对我国绿色债券发行利率影响因素进行实证分析,研究发现:发行主体对绿色债券发行利率的影响不具有异质性。利率市场化的结果与发行利率高度正相关。债券结构中除了发行期限之外,发行规模、第三方认证、债券评级均会影响发行利率的高低,且他们均与利率呈现负相关关系。针对所得结论,给予了相应建议。

This paper,based on the cross-sectional data of green bonds from 2016 to 2018,conducts an empirical analysis of the factors affecting the interest rate of green bonds issued in China based on linear regression.The results show that:(1)There is no heterogeneity in the impact of issuers on green bond issuance rate.(2)The result of interest rate marketization is highly positively correlated with the issuing rate.(3)In the bond structure,in addition to the issuance period,the issuance scale,third-party certification and bond rating will affect the issuing interest rate,and they are all negatively correlated with the interest rate.According to the conclusion,some suggestions are given.