Study On The Influencing Factors Of Green Finance Bond Credit Spreads

With the rapid development of China’s economic construction,air pollution,water pollution,environmental pollution and other problems have become increasingly prominent.Therefore,it is particularly urgent to get rid of the original extensive economic development model of high pollution,high energy consumption and low output,and to seek a green ecological sustainable development model."Green water and green mountains are golden mountains and silver mountains".Our party has long taken the realization of green scientific development as an important goal.In the future,various industries in our country will practice the concept of green development.At the same time,national financial institutions have also made a positive response.Issue related green financial bonds and products.In order to promote the healthy development of green financial bonds,it is very necessary to analyze the credit spreads and influencing factors of green financial bonds.Accordingly,this paper selects the credit spread of Chinese green financial bonds as the research object,uses the relevant data in WIND database and China Financial Information Network from 2016 to 2021,theoretically analyzes and explores the credit spread of green financial bonds and its influencing factors,carries on quantitative research and qualitative analysis,and carries on heterogeneity analysis and quantile regression.It is found that the credit spread of green financial bonds has a significant positive correlation with the market interest rate,a negative correlation with GDP,industrial value added,bond issuance scale,issuance period and bond rating,and no significant correlation with consumer price index(CPI).Furthermore,this paper draws similar conclusions through heterogeneity analysis and quantile regression.Compared with the existing scientific research results,the innovation of this paper has two aspects:on the one hand,the existing scientific research results often choose a core variable,while ignoring the impact of other variables on the credit spread of green financial bonds.However,this paper believes that the factors affecting the credit spread of green financial bonds are multi-faceted.Therefore,this paper adopts the perspective of multiple factors,and believes that many factors are the factors that affect the credit spread of green financial bonds.Therefore,the research perspective of this paper has some innovation.On the other hand,through empirical analysis,this paper creatively draws the conclusion that there are significant differences in the influencing factors of credit spreads among different types of green financial bonds.Compared with other similar studies,this conclusion deeply analyzes the specific laws of credit spreads of different green financial bonds,and makes a benchmark regression analysis on the credit spreads of green financial bonds according to the relevant variables.at the same time,the corresponding non-green corporate bonds are selected as the control,and the comparative analysis highlights the characteristics of some green financial bonds.Therefore,from the perspective of the research conclusion,it has a certain degree of innovation.Finally,according to the research conclusion,this paper puts forward some operational policy suggestions with certain practical significance:promoting the main body of green financial bonds,optimizing the structure of green financial bonds,improving the rating of green financial bonds and strengthening the risk control of green financial bonds.in order to promote the healthy development of green financial bonds.