Research On The Influencing Factors Of China’s Green Bond Issuance Scale

China’s green bond market is growing rapidly,with an ever-expanding issuance and market size,and innovative products emerging,but the green bond market is still small.In order to make more funds invested in actual green environmental projects,it is necessary to encourage companies to issue green bonds.So we should clearly understand the factors that affect the company’s decision on the size of issuance,otherwise blind policy encouragement will be ineffective.This paper first analyzes the development status of China’s green bond market,pointing out that green bonds and their influencing factors have credit ratings concentrated in AA+ and above,potentially inflated,the proportion of green bonds passing third-party green certification is still small,the depth and breadth of existing preferential policies are not enough,and the innovation and flexibility are weak,which hinder green bond issuers from actively expanding their issuance scale.Then,based on the research results of domestic and foreign research on the influencing factors of bond issuance scale and the development characteristics of green bonds in China,this paper constructs an analysis framework for the influencing factors of green bond scale,analyzes the three aspects of issuer level,bond level and external influencing factors,and uses the green bond dataset from 2017 to 2022 to carry out empirical research on the factors affecting the scale of bond issuance.This paper finds that the factors of issuers(profitability,solvency,equity structure and growth ability)can significantly affect the scale of green bond issuance.The policy attention has also effectively increased the scale of local green bond issuance.After adding third-party certification as the regulating variable to the model,it is found that the positive effect of strengthening policy attention on issuance scale is found.In the end,this paper gives suggestions from three aspects: policy,issuer and system construction.First,policymakers should expand policy incentives in depth,and combine the issuance rules formulated by bond review departments with the targeted policies of local governments;Second,issuers should ensure a sound financial position and a healthy governance structure in order to obtain greater financing scale;Finally,it is necessary to improve the environmental information disclosure system of the green bond market,and accelerate the construction of green credit rating standards,so that the "green" characteristics and credit level of green bonds can be scientifically and reasonably evaluated.The above advice maybe useful to promote the healthy,orderly and sustainable development of the green bond market.