Research On The Green Bond Financing Efficiency From The Perspective Of Issuer Characteristics

As an important part of green financial instruments,green bonds are used to support the construction of green projects,promote the green development of enterprises,and broaden the financing channels of enterprises.How efficiently the raised funds are used remains to be tested.On the one hand the financing efficiency of green bonds reflects the situation of raising funds through this financing channel,and on the other hand the use of funds raised by enterprises.The evaluation of green bond financing efficiency and the characteristics of issuers are the first research questions.The third-party green certification,subject credit rating and property rights are summarized as issuer characteristics,and the impact of issuer characteristics on financing efficiency is the second research question.Using the financing constraints and other theories to analyze the two research issues theoretically,and carry out empirical research accordingly.The first part is the evaluation of green bond financing efficiency.315 green bonds are selected as research samples,combined with existing research and the characteristics of green bonds,19 indicators such as issuance cost and issuance period are selected.After dimension reduction by factor analysis,the final determination is made.An evaluation system consisting of 10 indicators was developed.The financing process of green bonds issued by enterprises is divided into the fund financing stage and the fund allocation stage.The two-stage chain DEA model is used to calculate the financing efficiency of the complete financing stage and two substages.After excluding outliers,273 bonds were retained.Discuss the overall,time-and industry-specific results of financing efficiency estimates.In the research stage of the influencing factors of financing efficiency,from the perspective of the issuer’s characteristics,the Tobit model is used to explore the influence of the issuer’s third-party green certification,subject credit rating and property rights on the comprehensive financing efficiency,financing stage and the allocation stage.And then draw research conclusions.Finally,based on the research conclusions and the development status of my country’s green bond market,corresponding policy suggestions are put forward to improve the financing efficiency of green bonds and promote the development of the green bond market.The research conclusions are:(1)There are more green bonds with low financing efficiency in the sample population,accounting for more than 70%,and the raised funds have not fully played the role of improving the company’s operating conditions;(2)The real estate industry have shown obvious advantages in comprehensive financing efficiency,and also in financing stage and allocation stage.The financing efficiency of green bonds is not different in other industries except real estate,and they are all in the low-efficiency;(3)Third-party green certification is very important for the whole green bond financing process,having a positive impact.And the impact on the financing efficiency in the financing stage is more significant;(4)The higher credit rating of the subject,the higher financing efficiency in the comprehensive and financing stage.There is no significant impact in the allocation stage;(5)The comprehensive financing efficiency and allocation stage efficiency of state-owned enterprises are lower than those of non-state-owned enterprises,but the nature of property rights has no effect in the financing stage.