Research On The Credit Rating Quality Of Green Boods In China

In recent years,the scale and number of green bonds issued in China have increased significantly,and the development prospect is broad.Green bonds broaden the financing channels of issuers.meet the capital needs of clean energy,energy conservation and emission reduction projects,and at the same time bring into play their green attributes to promote regional energy conservation and efficiency and climate improvement.In the bond market,the credit rating results issued by rating agencies are important indicators to reveal the comprehensive ability of issuers,remind investors of the default risk of the rated objects and reduce information asymmetry.At present,green bond rating results are concentrated in the high rating range,and the phenomenon of "green drift" exists.Therefore,this paper studies the credit rating quality of green bonds in China,focusing on the consistency and stability of credit ratings,and investigates the factors influencing the credit rating quality of green bonds from the perspective of payment model,market competition and reputation.This paper firstly composes the concept and test methods of credit rating quality,and analyzes the influence of payment model,market competition and reputation on credit rating quality from the theoretical perspective.Then it collates the current situation of green bond issuance and credit rating at home and abroad.Then the credit rating quality of green bonds is empirically tested,and this paper adopts the credit spread method to test the consistency of credit ratings,selecting green corporate bonds and green corporate bonds issued from January 1,2016 to December 31,2021 as samples,considering macroeconomic conditions,bond issuance characteristics,issuer main body characteristics,financial characteristics and other factors,and constructing a fixed-effect model to analyze the effects of debt rating,The impact of main credit rating on credit spreads is analyzed.From the perspective of different years and different rating agencies,the stability of green bond credit ratings is studied by using the grade migration matrix.Finally,we set three variables:rating spreads of different payment models,market concentration and reputation,and construct a fixed-effects model to study the effects of payment models,market competition and reputation on credit rating quality.This paper draws the following conclusions:(1)Credit ratings are consistent overall,and the higher the rating the lower the credit spread.However,the debt rating and the main rating have limited reference role in credit risk pricing.(2)The stability of green bond credit ratings is poor;(3)The credit rating quality is higher under the investor-pay model;the higher the competition among rating agencies,the lower the credit rating quality;the credit rating quality of reputable rating agencies is higher.(4)The decline of rating quality caused by the competition among rating agencies will be suppressed by the reputation mechanism to a certain extent,which will generally improve the credit rating quality of green bonds.