An Empirical Analysis Of The Factors Affecting The Spread Of Green Bond Issuance In China

In the past three decades,China's economy has developed rapidly and made great achievements.However,the success of our country's economic development has also paid a huge environmental cost.At present,the countries all over the world pay more and more attention to the construction of ecological environment while developing their own economy,and the governments of various countries are also actively exerting the role of green finance in guiding industry and investment to green transformation.Our government is also fully aware of the importance of developing a green economy.The development of green industry and economy can not be separated from the support of a large number of funds.Therefore,our country urgently needs more diversified financing means to guide social capital into green industry.Green Bond as a New Financial Finance Capital tools have the advantages of transparent capital,simple structure and stable returns.They have great potential in leveraging the funds of bond market and meeting the investment needs of green investors.In this paper,the research on the influence factors of green bond issue interest margin will be of great significance to how to reduce the cost of green bond issuance and to promote the rapid and healthy development of green bond.First of all,on the basis of deeply analyzing the present situation of green bond issuance,this paper puts forward four factors that may influence the spread of green bond issuance,namely,the credit grade,term,subject nature of green bond.Second,125 green bonds were selected from the beginning of 2006 to the end of 2017.A total of 4667 samples of common bonds were selected from China Financial Information Network(FIN)and China Financial Information Network(FIN),respectively.Based on the sample data,non-reference samples were used.The methods of number test and ANOVA were used to analyze the above four factors.The influence of the issue of the spread of the empirical analysis.This paper argues that at present,although the green bonds relative to ordinary bonds show a certain interest rate advantage in the issue of interest rates,green bond rates lower than comparable ordinary bonds,but through further study found that,for investors,the attractiveness of green bonds does not seem to as strong as we previously thought,"green certification" endorsement of green bonds and common bond interest rates and no significant differences in different levels of different credit,the main issue of the nature of green bonds showed some advantage to issue spread.Finally,based on this conclusion Corresponding recommendations.