Research On Green Bond Premium And Influencing Factors

As global climate change continues to be a pressing issue,mitigating the climate crisis has become the central of attention for academia,industry,and policy makers.China is striving to build a low-carbon economy,yet the main difficulty confront is the dearth of green money.Green bonds combine traditional fixed-income instruments with environmental benefits,directing funds towards environmentally friendly projects.Research on the issuance of green bonds and financing costs is of great significance in promoting the construction of a low-carbon economy.First,this thesis elucidates the standards and theoretical basis of foreign and domestic green bonds,and examines research results in three distinct areas: premiums of green bonds,price impact factors.Additionally,this thesis outlines Chinese policies and details the progress of global and domestic green bond markets.Second,this thesis delves into the particulars and background of the “22Ningdeshidai GN001” green bond,and examines the conditions for its successful issuance,costs,and the potential risks.Using bond issuance rate data,it compares the green bond with previously issued conventional bonds and similar bonds issued during the same period,revealing the cost advantage of green bonds.This thesis also uses financial data to analyze corporate creditworthiness and risk,finding that the issuer has relatively high debt repayment ability and low credit risk.Third,this thesis collects data of green bonds issued between 2016 and 2022 and matches them with similar conventional bonds issued by the same companies.Analysis shows that the average financing cost of green bonds is significantly lower than that of conventional bonds,and third-party certification does not further reduce financing costs.Heterogeneity analysis shows that green premiums only exist in non-financial bonds,and the yield and spread of financial bonds are not significantly different from those of conventional bonds.From the perspective of risk sources,this thesis examines the influence of bond features,issuer features,and market risk on the pricing of green bonds.Finally,this thesis summarizes the case study and empirical research,draw conclusions and put forward policy suggestions.