环境友好型偏好对绿色债券融资成本的影响

Impact of Pro-environmental Preference on Financing Cost of Green Bonds

本文运用2016-2020年发行的绿色债券数据,分析环境友好型偏好对绿色债券融资成本的影响。研究结果表明,发行主体所在地区的环境表现越好,绿色债券融资成本越低;第三方认证可降低绿色债券融资成本。进一步研究表明,绿色金融改革创新试验区和符合《绿色债券支持项目目录》的信息披露能够增强环境友好型偏好降低绿色债券融资成本的作用;地区环境表现主要通过税收惩罚机制和信贷抑制机制影响绿色债券融资成本,而第三方认证主要通过税收减免机制和信贷融资机制影响绿色债券融资成本。

This paper uses the data of green bonds issued during 2016-2020 to analyze the impact of pro-environmental preference on the financing cost of green bonds.The results show that the beter the environmental performance of the region where the ssuer is located,the lower the financing cost of green bonds,and third-party cerification can reduce the financing cost of green bonds.Further research shows that the green finance reform and innovation pilot zone and the information disclosure in line with the Catalogue of Green Bond Support Projects can enhance the role of pro-environmental preference in reducing the financing cost of green bonds.Regional environmental performance mainly ffects the financing cost of green bonds through tax punishment mechanism and credit inhibition mechanism,while third-party certification mainly affects the financing cost of green bonds through tax relief mechanism and credit financing mechanism.