Can Labeled Green Bonds Reduce Financing Cost in China?

被引：4
|
作者：
Sun, Zhen [1 ]
Feng, Jianfen [1 ]
Zhou, Rongxi [1 ]
Yu, Yue [2 ]
Deng, Yaojian [1 ]
机构：
[1] Univ Int Business & Econ, Sch Banking & Finance, Beijing 100029, Peoples R China
[2] Export Import Bank China, Beijing 100031, Peoples R China
来源：
SUSTAINABILITY | 2022年 / 14卷 / 20期
基金：
芬兰科学院; 中国国家自然科学基金;
关键词：
labeled green bond; greenium; credit spread; financing cost; DIVERSIFICATION;
D O I：
10.3390/su142013510
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
From the perspective of financing cost, this article investigates the benefits of green bonds to the issuer. Based on 227 green bonds and 405 conventional bonds selected from China's bond market, we find that (1) green bonds can decrease financing cost by at least 15 bps in the primary market, which is more significant than the effect in the secondary market; (2) third-party certification can strengthen the 'greenium' of green bonds in both the primary and secondary markets; and (3) there is no 'greenium' effect for financial green bonds in either primary or secondary markets in China, even for green bonds with third-party certification.
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页数：14
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