Shanghai National Accounting Institute Master Thesis

In the past,the way of sustained and rapid economic development seriously neglected the non-economic resources such as ecology,environment and climate,which were the basis for human survival and development,and was not conducive to the realization of sustainable development.Among them,global warming is increasingly threatening human existence,so how to deal with climate change in recent decades has attracted worldwide attention.To cope with climate change,China put forward the dual-carbon goal of "peak carbon dioxide emissions in 2030 and carbon neutrality in 2060" in 2020,and then launched a series of green and low-carbon development policies.As an important financial tool to support green and lowcarbon development,whether there is a green premium in green bonds,especially whether the green premium is affected by these low-carbon development policies,is of great significance for China to realize the goal of green finance supporting green and low-carbon development mode and evaluate the effect of green and low-carbon policies.This paper puts forward three hypotheses about the two problems of green bonds,and then tests them.In this paper,bonds issued from September 2016 to September 2021 in wind database are selected as the research object,and they are classified into green bonds and ordinary bonds according to the classification of wind database.Firstly,this test examines the green effect of green bonds.On the second basis,it tests whether a series of green low-carbon development policies after the proposal of double carbon in 2020 significantly affect the green premium.The empirical results show that in China’s bond market,the green effect of green bonds is obvious,and the yield of bonds has changed significantly,and the green premium of green bonds has increased significantly because of the policy focusing on green development after the double-carbon target was put forward.In this study,the yield spread of bonds,that is,the difference between the yield to maturity of bonds in the same period and the yield to maturity of bonds with the same maturity,is taken as the explanatory variable,and the multiple regression model is adopted to prove that there is a green premium in green bonds,which indicates that issuers can obtain preferential financing costs when issuing green bonds.Taking the yield to maturity of bonds as the explained variable and adopting multiple regression model,it is proved that the yield of bonds has changed significantly after the two-carbon target was put forward,and the change of green bonds is greater,which indicates that green bonds are more favored by investors.Taking the yield spread of bonds as the explained variable,and using the double difference model,it is proved that the green premium of green bonds increased significantly after the policy focused on green development,which indicates that green bond issuers can get more preferential policies.