| Under the guidance of 3060 "double carbon" strategic objectives,the outline of the "Fourteenth Five-Year Plan" clearly points out that we should "vigorously develop green finance","resolutely curb the blind development of high energy consumption and high emission projects,and promote the green transformation to achieve positive development".As an important part of the development of green financial market,green bonds play an important role in promoting green transformation of enterprises and expanding financing channels.For issuing enterprises,the green premium refers to the difference between the credit spread of green bonds and the credit spread of ordinary bonds.This indicator can measure the difference in financing costs of enterprises issuing two different types of bonds.Green premium can reduce the debt financing costs of issuers,improve the performance of issuing enterprises,and reduce the risk of financial default.It has become a new focus of enterprise performance and risk management.Therefore,improving the research on the green bond premium and its impact mechanism on corporate financial risk has important theoretical and practical significance for corporate financial risk management.And it also has great significance in building a complete theoretical research system for green bonds,and promoting the healthy and sound development of China’s green bond market.Firstly,this article takes 455 green bonds issued by listed companies from January 2016 to September 2022 as the initial sample.After eliminating the missing values,the matching method is used to match each green bond with ordinary bonds that meet the conditions of the same issuer,the same maturity,the same rating,the same bond type,and the closest maturity.Finally,a total of 260 bonds(130 green bonds and 130 ordinary bonds each)are obtained as research samples.The green bond premium is calculated based on the quarterly yield to maturity of 260 bonds.Secondly,based on the green premium and related financial data of 130 matched green bonds and 58 issuers,panel data is formed to analyze the relationship between green bond premium and enterprise financial risk through a two-way fixed effect model.Finally,we further explore the impact mechanism of green bond premium on enterprise financial risk.Through empirical research,it is found that: first,there is an average green premium of 4 basis points in the secondary market of green bonds in China,and the green premium can effectively reduce the financing costs of enterprises.Second,green bond premiums can reduce corporate financial risk by improving the solvency and profitability of enterprises.In addition,in the heterogeneity analysis,it is found that for issuers with higher financing constraints and smaller enterprise asset sizes,the green premium can significantly reduce corporate financial risk.Based on the above research results,this paper proposes corresponding policy recommendations from the perspectives of green bond valuation,green bond certification,and information disclosure. |
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