Analysis On The Impact Of Green Polices On The Pricing Of Green Bonds In China

Since the beginning of the 21 st century,"green economy" has been frequently mentioned on the world political and economic stage.The buzzword of the new era has been dominated by the concepts of low-carbon,environmental protection and new energy.More and more residents are contributing to environmental protection in their own way.The development of green economy is not an easy road.We need to create a suitable social and economic environment,which cannot be separated from the promotion of green finance.On the policy level,our country introduces various macro and micro policies to promote and support the development of green finance.Among them,the green policy is mainly to make more funds flow to projects to promote and improve ecological environment by providing support to the main body issuing green bonds,thus promoting green economic growth and sustainable development.Under the support of the national policy,the variety and scale of the green bond are expanding continuously in our country,and each province successively introduced the green policy to stimulate the issue of green bond.The green bond has entered a rapid development stage.It is particularly important for policy makers to judge the effectiveness of the policy and then adjust the program to continue to promote the expansion of the green bond market.The core factor affecting the pricing of green bonds is the size of their financing costs,so this paper focuses on the impact of green policies on the financing costs of green bonds.Starting from provincial policies,this paper studies the impact of green policies on the issue pricing of green bonds,taking whether to issue green policies as the core explanatory variable.Using the method of difference of difference and adding the fixed effect for empirical analysis,this paper discusses the influence of policy level on the pricing of green bonds,so as to find out whether the individual policies of provinces will have the corresponding influence on the pricing of green bonds.The empirical results show that,under the fixed province and year,under the control of variables such as the nature of the company,green policy is conducive to reducing the financing cost of green bonds.Since most green bonds in the sample data have medium and long-term maturities,the interest rate of 10-year Treasury bonds is selected as the dependent variable for consideration.However,considering that the interest rate of short-term Treasury bonds also has a certain influence,this paper changes the interest rate of 10-year Treasury bonds into that of one-year Treasury bonds in the robustness test,and the result still has a significant negative correlation.In the heterogeneity analysis,because green certification is subjective to a certain extent and green policies and government subsidies have a certain substitution effect,green bonds without green certification have a more significant impact on green policies.After the promulgation of the policy,investors are more favorable to green bonds which are not green certification.In the last part,based on the empirical results of this paper,combined with the development of domestic and international green bond market,the corresponding countermeasures are put forward,hoping to promote the healthy and sustainable development of our green bond market.