绿色债券为发行人节约成本几何?

Can Green Bonds Save Costs for Issuers?

得益于强有力的政策支持,绿色债券成为我国解决生态环境问题、实现绿色低碳转型的重要金融工具。然而现有关于绿色债券是否能为融资人节约成本的研究尚未达成共识。论文选取发行规模较大、发行利率可比的信用债品种,通过分析两个对比关系,考察不同绿色债券品种在发行利率上的节约情况,并计算企业发行绿色债券节省的利息费用。研究发现:企业发行绿色中期票据、绿色短期融资券和绿色公司债均可带来不同程度的利息费用节约,且绿色债券较普通债券估值低约2.3BP。此外,绿色债券的融资人节约成本的大小还受到发行时间、债券种类和发行人信用资质的影响。论文的研究结果为完善我国绿色债券发行定价和绿色属性识别提供了参考,并为进一步完善绿色债券市场提供了政策建议。

Given strong policy support,green bonds have become an important financial tool for China to solve ecological and environmental problems and realize green and low-carbon transformation.However,the existing research on whether green bonds can save costs for issuers has not reached a consensus.We select the credit bonds with large issuance scale and comparable issuance interest rate,analyzes the savings of different green bond varieties in issuance interest rate,and calculates the interest cost saved by enterprises in issuing green bonds.It is found that the issuance of green medium-term notes,green short-term financing bills and green corporate bonds can bring different degrees of interest cost savings,and the valuation of green bonds is about 2.3bp lower than that of ordinary bonds.In addition,the cost savings of the financier of green bonds are also affected by the issuing time,the type of bonds and the credit qualification of the issuer.The findings of this paper provide a reference for improving the pricing and green attribute identification of green bonds in China,and provide policy recommendations for further improving the green bond market.