The Influencing Factors Of Green Bond Interest Rates And Their Risk Premiums Are Studied Separately

In recent years,China’s green bonds have developed rapidly,the issuance scale and amount have increased to varying degrees.Enterprises can effectively reduce the financing cost and obtain funds with low interest by issuing green bonds.The paper explores the influencing factors of green bond interest rate and various risk premiums,creatively decomposes the bond coupon rate,corresponds the influencing factors to various risks,and looks for the mechanism of green bond reducing financing cost.Starting with the definition,the paper makes more analysis on the basis of understanding the definition method of green bonds.It is found that green bonds are supported by policies because of their own green attributes.there are some characteristics too,such as good rating,most medium and long-term bonds,most issuers are central state-owned enterprises,and the proportion of green certification rises slowly.Taking the green bonds issued in China from 2016 to 2020 as a sample,this paper selects bond rating,guarantee,return on equity,bond scale,M2 growth rate and bond term as explanatory variables,in which bond rating,guarantee and return on equity correspond to credit risk,bond scale corresponds to liquidity risk,M2 growth rate and issuance term correspond to term risk,and selects risk-free interest rate,tripartite certification The government support and the nature of the issuer are taken as the control variables,and the bond coupon rate and bond spread are selected as the explanatory variables to build three models.The research shows that the credit rating,return on equity,bond scale,M2 growth rate and green certification are significantly negatively correlated with the bond coupon rate and bond spread,and the guarantee is significantly positively correlated with the bond coupon rate and bond spread,The risk-free interest rate is significantly positively correlated with the bond coupon rate,while the bond term,the nature of the issuer and the government subsidy are not significantly correlated with the explained variables.For the key influencing factor of the term risk,the bond term,further group research is carried out,the sample is replaced with bonds with a maturity of more than three years,two models are constructed,and it is found that it is significantly negatively correlated with the bond coupon rate and bond spread.Then,the robustness test is carried out by excluding the 2020 data,replacing the one-year treasury bond interest rate selected as the risk-free interest rate with the five-year treasury bond interest rate,and replacing the return on equity with the equity liability ratio.It is found that it is almost the same as the above research results.Finally,through the analysis of the influence degree of each factor,it is found that the risk type corresponding to the more influential factor is credit risk.Then,select green bonds and ordinary bonds that meet the conditions of contract industry,the same credit rating and the same guarantee,calculate the default distance by using KMV model,and come to the conclusion that the credit risk of green bonds is less than that of ordinary bonds.the paper selects the labeled green bond "20 Sichuan airport G1" issued by Sichuan Airport Group Co.,Ltd.in 2020 to introduce its industry in the case analysis part,enterprise related situation and the basic terms and green terms of the bond,and studies its issuance interest rate,risk-free interest rate,credit risk,liquidity risk and term risk by comparing similar bonds and analyzing the market environment of the year of issuance.Finally,some suggestions are put forward,such as strengthening government support,strengthening enterprise credit risk control,and improving green bond certification.