Research On The Effect Mechanism Of Green Bonds Price

Recently,climate change has gradually been regarded by the United Nations and globally as the greatest challenge faced by human beings.The greenhouse effect is one of the most important topics of climate change.Under the concept of sustainable development,green finance has flourished to promote environmental protection and governance,and make full use of the resource allocation ability of finance to direct funds from high pollution and high energy consumption industries to clean production and energy-saving projects,so as to achieve the purpose of mitigating and adapting to climate change problems.As a representative of green financial instruments,the influencing factors and formation mechanism of green bond prices become a topic worthy of in-depth study to provide reference and suggestions for enterprises to make full use of green bonds from a theoretical perspective.This thesis adopts the literature research method to define the concept of green bonds and corporate inssuance bond,and to sort out the current status of research related to the influencing factors of green bond prices.The statistical analysis method is used to sort out the history of the emergence and development of green bonds,various policy measures and microstructure,especially the information on the scale of bond issuance,issuance varieties,issuing entities,issuance period,financing use,third-party credit rating,etc.The empirical research method is used to establish a fixed-effects model to analyze the basic factors influencing the price of green bonds,especially the feature of the company,debt-servicing ability and environmental protection actions.First,a fullsample regression is conducted on the data of green bonds issued by all companies in the mainland of China from 2014-2022 to explore the difference in the yield to maturity of green bonds issued by listed and unlisted companies.Then a sub-sample regression is conducted on green bonds issued by listed companies,and the mediating effects model is used to analyze the impact mechanisms of corporate body ratings and corporate green reputation,and heterogeneity analysis is conducted from the perspective of corporate ownership characteristics and macroeconomic fluctuations.This thesis draws three main conclusions.First,green bonds issued by listed companies have lower yields to maturity compared to green bonds issued by non-listed companies.Second,high corporate solvency can reduce the yield to maturity of green bond issues and lower the yield to maturity by improving credit ratings.There are different effects of corporate solvency on the yield to maturity of green bond issuance between state-owned and non-state-owned enterprises,and between high and low volatility periods.Third,corporate environmental behavior can make companies issue green bonds with lower yield to maturity,and corporate environmental behavior can lower the yield to maturity of green bonds issued by companies by increasing their green reputation and sending positive signals to investors.In response to the above research findings,this paper proposes three types of countermeasures.First,issuing entities should fully disclose information about the green projects or green engineering to which funds are flowing to reduce information asymmetry.Second,enterprises issuing green bonds should ensure appropriate debt service capacity to reduce green financing constraints.Third,enterprises should enhance their environmental protection actions to improve their green reputation and reduce green financing constraints.