An Empirical Study On The Influencing Factors Of Green Bond Issuing Interest Rate

In the process of China’s rapid development,with the rapid economic development accompanied by environmental problems gradually appear.Ecological and environmental problems such as resource waste,serious pollution and climate change have become important factors hindering the stable and healthy development of China and the world at large.In order to prevent and cure these problems and gradually promote the construction of ecological civilization and the healthy and sustainable development of the economy,green development has become the inevitable choice at present.Green finance is an innovation made by the financial industry in the direction of green development.It connects the ecosystem with the financial system and plays an increasingly important role in the path of green development in China.China’s green bond market,as an important part of the green financial system,has made significant contributions to China’s green development by virtue of its rapidly growing scale and gradually improving market.However,due to the short time of development,China’s green bond market is still not mature,and there are problems in the process of issuing and duration of bonds.Interest rate is the reward that the bond issuer pays to its investors.It also involves the financing cost of the bond issuer and the investment benefit of the bond investors.Therefore,interest rate is a factor that both the issuer and the investor pay more attention to.The interest rate of bonds will be affected by many factors.Green bonds,as a special kind of bonds,have an obvious "green" attribute,and their interest rate will be affected by more factors.Therefore,it is necessary to timely study the interest rate of green bonds,analyze its development status and related influencing factors,find out the problems and make improvements,so as to ensure the sound development of green bonds.Through empirical analysis,this paper concludes that green bond issuance interest rates are related to factors such as benchmark interest rates,special guidelines and policies,bond ratings,the nature of the issuer,third-party certification status,green benefit disclosure status,and green system construction.It is relevant to how to further reduce green bond issuance.Interest rates are valuable for optimizing the issuance of green bonds.In the first part of this paper,the background,purpose and significance of the research are described,the innovation points of this paper are put forward,and the research related to green finance,green bonds and green bond interest rate is summarized.The second part introduces the related basic theory of interest rate as the basis of the analysis of the influencing factors of interest rate.The third part mainly focuses on the special introduction of green bonds,and then summarizes the development of green bonds in China.The fourth part mainly puts forward the relevant assumptions of the interest rate of green bonds: the interest rate of green bonds is composed of macro factors,micro factors and green factors,and has different degrees of influence on the interest rate.The fifth part analyzes the interest rate of green bonds,and tests the influence of green factors on the interest rate of green bonds through the comparative analysis between the interest rate of green bonds of the same type,the same rating and the same maturity and the interest rate of ordinary bonds.The sixth part is the empirical analysis of the hypothesis,further through multiple regression analysis to verify the impact of macro factors,micro factors and green factors on the interest rate of green bond issuance,and analyze the empirical results.The seventh part is the conclusion and suggestions,which puts forward some valuable suggestions for reducing the financing cost of green enterprises and promoting the sound development of green bonds in the future.