Financing Costs Research Of Green Bonds Under Environmental Regulation

To respond to global climate change and demonstrate the responsibility and responsibility of a major country,my country announced the "dual carbon" goal to the world in 2020,which puts forward higher requirements for my country’s green development.To successfully achieve the "dual carbon" goal,environmental regulations have been increasingly strengthened in various places,and the development of high-pollution and high-emission industries has been greatly restricted.This provides new development opportunities for green finance.As an important part of green finance,green bonds take into account the dual attributes of"green" and "bonds”,and can provide financing support for environmentally friendly green projects.Therefore,to find out the characteristics of green bond issuance under environmental regulation,measure its financing cost and explain the impact mechanism of financing cost,this paper starts from my country’s green bond market,introduces the relevant characteristics of green bonds,and constructs a social-based green bond financing cost analysis model based on responsible investment theory.First,the analysis model of green bond financing cost in this paper depicts the characteristics of some investors in pursuit of green environmental utility,and theoretically explains the difference in financing cost between green bonds and ordinary bonds,as well as the impact of green certification and environmental regulation on green bond financing.The effect of cost.Secondly,this paper selects the green bonds with the issuance period from January 2016 to December 2021 as a sample,compares them with ordinary bonds issued in the same period,analyzes the financing cost of green bonds with a multiple regression model,and discusses the environmental impact of green bonds.The nature of property rights,regional distribution,and the impact mechanism of green certification on bond financing costs under regulation.The results of this paper find that:(1)Compared with ordinary bonds,green bonds have lower financing costs,and green bonds issued by state-owned enterprises have more cost advantages than non-state-owned enterprises.(2)The certified green bonds’ financing cost is lower than that of non-certified green bonds,and at the same time,the degree of information disclosure is high,and the bonds issued by issuers located in coastal areas have a stronger ability to reduce financing costs after green certification.(3)The intensity of inter-regional environmental regulation has a significant moderating effect on the financing cost of green bonds in my country.In areas with stronger environmental regulations,the ability of green bonds to reduce financing costs is stronger;while in areas with relatively weak environmental regulations,green bonds have relatively weak ability to reduce financing costs.In response to the problems found in the above research,this paper puts forward the following targeted policy suggestions: First,guide more investors to establish the concept of socially responsible investment and establish a good foundation for green bond investment.Second,bond issuers should actively participate in the green bond market and strive to improve the level of information disclosure.The third is to raise the professional level of certification bodies and standardize green certification and evaluation business.Fourth,the regulators strictly formulate environmental regulation policies,strengthen government supervision,raise public awareness of environmental protection,and expand the scope of implementation of environmental regulation policies.In response to the above research conclusions,this paper puts forward the following policy suggestions: First,bond issuers should actively participate in the green bond market business and strive to improve the level of information disclosure.Second,certification bodies should strive to improve their professional level and standardize green certification business.Third,government departments should strictly formulate environmental regulation policies,strengthen government supervision,raise public awareness of environmental protection,and gradually expand the scope of implementation of environmental regulation policies.