| In 2019,China became the world’s largest green bond issuer,and the vigorous development of the green bond market provided strong financial support for achieving the "double carbon" goal.However,the information disclosure system of domestic green bonds is not perfect,the management system for special use of funds is not perfect,and the third party certification industry is not perfect,which leads to a high degree of information asymmetry in the green bond market,and there is a high risk of green bleaching.The high risk of floating green bonds without a high enough risk premium will lead to the phenomenon of "bad currency driving out good currency" in the green bond market.The purpose of green bonds to raise funds for green projects cannot be achieved,and it cannot provide due financial support for the "double carbon"goal.The reaction of investors to the risk of floating green bonds represents the self-purification ability of the green bond market.If investors will increase the risk premium of high-floating green bonds,it indicates that the green bonds have the self-purification ability,and to some extent,it can achieve the purpose of improving the overall quality of the green bond market.Based on this,this paper focuses on the impact of bond bleaching risk on bond risk premium.Through literature analysis and theoretical derivation,according to the paradigm of green bond related research,this paper establishes the research model of this paper,then obtains the variable data in the research model from WIND and CSMAR economic and financial databases,and finally uses the fixed effect model to test the hypothesis of this paper,which adds time and individual fixed effects.This paper studies from the perspective of investors,and takes the impact of bond bleaching risk on bond risk premium as the main research content.On this basis,it discusses the regulatory effect of issuer characteristics and bond characteristics on the relationship between bond bleaching risk and bond risk premium,That is,the regulatory effect of the issuer’s industry on the relationship between the bond bleaching risk and the bond risk premium,and the regulatory effect of the investment ratio of the promised funds on the relationship between the bond bleaching risk and the bond risk premium.The results show that:(1)the increase of the risk of bleaching will make investors demand a higher risk premium;(2)Investors attach great importance to the issuer’s commitment to fully invest the raised funds in green projects.The issuer’s commitment to fully invest the raised funds in green industrial projects in the primary market sample will weaken the positive correlation between the floating green risk and the bond risk premium.And promised that the increase of the investment ratio of raised funds would reduce the bond risk premium;(3)The regulatory effect of the industry of the enterprise on the relationship between the bond bleaching risk and the bond risk premium does not exist.However,it was found that the heavily polluted enterprises were not subject to more serious financing constraints in the green bond market.On the contrary,the green bonds issued by the heavily polluted enterprises may be considered as "rogue" by investors and require a lower risk premium.This paper enriches the relevant research on the factors affecting the price of green bonds to a certain extent.On the one hand,it has referential significance for issuers to issue green bonds with low risk premium,on the other hand,it has referential significance for policymakers to formulate more rigorous information disclosure policies and higher commitment to raise capital investment ratio,and provides ideas for the overall quality of bonds in China’s green bond market. |
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