Research On The Pricing Of Green Bond Issuance In My Country

Green bonds are one of the important components of the current green financial system,a new type of financial financing tool that uses raised funds for green recycling and low-carbon development projects.With the current sustainable development theory and the in-depth development of the green bond market,clarifying the pricing of green bond issuance is of vital importance to the development of green bonds in China.This article first analyzes the overall development and issue pricing of China's green bond market,and conducts a regression analysis on the issue rate of green bonds in order to obtain the factors that affect the issue rate of green bonds in order to give subsequent issuers some recommend.Next this article takes the first green corporate bond issued in China-G16 Jiahua 1 bond as an example.It analyzes that the original book-booking pricing method of the bond has certain shortcomings.After the green bond is issued at face value,it closes that year The price is higher than the issue price,so it is speculated that the issue price of the green bond is undervalued.Therefore,this paper explores the empirical analysis of pricing of green bonds using two methods,BS model and binary tree model,which are suitable for green bonds.Among them,during the analysis of the BS model,the green bond is divided into two parts: the fixed bond value part and the green bond "green" attribute value.The pricing is empirical.In the fixed value part,the factors affecting the green bond pricing interest rate are first obtained through multiple regression analysis.In order to provide issuance assistance to green bond issuers;then calculate the fixed bond price of the green bond and the value of the floating “green” attribute to calculate the bond issue theoretical price according to the discounted cash flow model;next,for the BS model and the binary tree The theoretical price calculated by the model is compared with the actual issue price.The actual issue price is lower than the model theoretical price,and the issue price of bond G16 Jiahua 1 is underestimated.At the same time,it is found that the price difference calculated by the BS model is relatively small.Based on the results of the study,make some suggestions about the underestimation of pricing in the current green bond market.