Research On Macro Influencing Factors Of Credit Spreads Of Green Bond

In 2020,China proposed the goal of achieving carbon peak and carbon neutrality,and committed to solving environmental issues at the level of national development strategy.Environmental issues concern the sustainable development of the Chinese nation.Although economic development is the top priority of a country’s development,no country can put economic development and ecological protection on the opposite side,although the two have contradictions,they can find a balance point and complement each other.The construction of ecological civilization requires a huge amount of capital,which cannot be achieved without the participation of the financial industry.In order to coordinate economic development and environmental protection,green finance emerges at the historic moment,aiming at guiding and allocating more resources for ecological and environmental protection projects and promoting the flow of funds to the ecological field,green bond also emerges at the historic moment.Determining the macro factors affecting the credit spread of green bonds is helpful to make reasonable pricing and effective investment of green bonds according to the changes of macro factors,which is of great significance for promoting the healthy development of the bond market.We selected 705 green bonds from WIND database and China Bond Information Network,exchange rate,broad money supply,regional GDP,consumer price index,market interest rate and stock market yield were selected as explanatory variables,and control variables were selected from the aspects of bond itself,issuing subject finance,non-finance,obtaining government support and green factors.The bidirectional fixed-effect model was established for regression and the control variables were screened by Lasso method.Then the robustness test and heterogeneity test were conducted on the results.Finally,according to the results of empirical research,some suggestions are put forward for bond issuers,investors,underwriting institutions and evaluation institutions.The research shows that,the credit spread of green bonds has a significant positive correlation with the exchange rate,and a significant negative correlation with regional GDP and consumer price index.The credit spread of green bonds in eastern China is significantly negatively correlated with regional GDP,consumer price index and market interest rate;The credit spread of green bonds in central China is negatively correlated with broad money supply and regional GDP.The credit spread of green bonds in western China has a significant relationship with regional GDP.For green bonds with three-party certification,there is no significant correlation between credit spread and macro factors;There is no three-party certification of green bonds,credit spreads and consumer price index,market interest rates significantly negative correlation.