绿色披露溢价及其影响因素

Green Disclosure Premium and Its Influencing Factors

选取2016—2022年中国境内发行的所有绿色债券数据,对披露存续期环境信息的绿色债券和未披露存续期环境信息的绿色债券进行相互匹配,以此验证绿色披露溢价是否存在,以及环境信息披露质量和第三方披露认证是否为主要影响因素。结果表明,披露存续期环境信息的绿色债券信用利差低于对照组13.7个百分点,说明我国绿色债券市场存在绿色披露溢价;环境信息披露质量和第三方披露认证是绿色披露溢价的主要影响因素,并且国有企业、非污染行业和中西部地区对绿色披露溢价存在抑制作用。

With all the green bond data issued in China from 2016 to 2022,the authors match the green bonds that disclose the environmental information of the duration with the green bonds that do not disclose the environmental information of the duration,so as to verify whether the green disclosure premium exists,and whether the quality of environmental information disclosure and the third-party disclosure certification are the main influencing factors.The results show that the credit spread of green bonds that disclose the environmental information of the duration is 13.7 percentage points lower than that of the control group,indicating that there is a green disclosure premium in China’s green bond market;the quality of environmental information disclosure and third-party disclosure certification are the main influencing factors of green disclosure premium,and state-owned enterprises,non-polluting industries and the central and western regions have an inhibitory effect on green disclosure premium.