Greenwashing and credit spread: Evidence from the Chinese green bond market

被引：42
|
作者：
Xu, Guoquan [1 ]
Lu, Nuotian [2 ]
Tong, Yan [2 ]
机构：
[1] Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
[2] Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2022年 / 48卷
基金：
中国国家自然科学基金;
关键词：
Greenwashing; Credit spread; Green bond; ESG; Fixed income securities; LIQUIDITY RISK; DEBT; COST;
D O I：
10.1016/j.frl.2022.102927
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study analyzes how greenwashing affects green bond (GB) pricing. With a unique dataset, we empirically find that greenwashing does exist in the Chinese GB market, leading to higher credit spread compared to that of traditional bonds. However, green bonds with third-party certification have lower credit spread. Furthermore, the heterogeneity of trading venues and issuer ESG performance results in differential effects of third-party certification on GB credit spread. These findings enrich the understanding of green bond pricing and shed light on the development of the GB market.
引用
收藏
页数：6
相关论文
共 50 条
  • [21] The role of asymmetry: Evidence from Chinese Treasury bond market
    Tan, Dijun
    Tian, Yixiang
    STATISTICS AND ITS INTERFACE, 2009, 2 (01) : 57 - 69
  • [22] Political uncertainty and bond defaults: evidence from the Chinese market
    Zou, Jin
    Li, Shuxin
    Xu, Zihan
    Deng, Guoying
    EUROPEAN JOURNAL OF FINANCE, 2023, 29 (09): : 977 - 998
  • [23] Policy signals, credibility and market expectations: Evidence from the Chinese bond market
    Li, Na
    Feng, Meile
    Liu, Rong
    FINANCE RESEARCH LETTERS, 2023, 58
  • [24] Credit rating in dynamic response to the nature of firms and the business model of rating agencies: evidence from the Chinese bond market
    Huo, Yan
    Gong, Bangming
    HELIYON, 2022, 8 (12)
  • [25] Green bond issuance and credit risk: International evidence
    Ballester, Laura
    Gonzalez-Urteaga, Ana
    Shen, Long
    JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2024, 94
  • [26] Green bond spread effect of unconventional monetary policy: Evidence from China
    Fang, Fang
    Si, Deng-Kui
    Hu, Debao
    ECONOMIC ANALYSIS AND POLICY, 2023, 80 : 398 - 413
  • [27] Is "Greenness" Priced in the Market? Evidence from Green Bond Issuance in China
    Deng, Zhiyao
    Tang, Dragon Yongjun
    Zhang, Yupu
    JOURNAL OF ALTERNATIVE INVESTMENTS, 2020, 23 (01): : 57 - 70
  • [28] Is "Greenness" Priced in the Market? Evidence from Green Bond Issuance in China
    Deng, Zhiyao
    Tang, Dragon Yongjun
    Zhang, Yupa
    JOURNAL OF ALTERNATIVE INVESTMENTS, 2020, 22
  • [29] Stock Market Reaction on Green-Bond Issue: Evidence from Indian Green-Bond Issuers
    Verma, Rakesh Kumar
    Bansal, Rohit
    VISION-THE JOURNAL OF BUSINESS PERSPECTIVE, 2023, 27 (02) : 264 - 272
  • [30] ESTIMATION OF GREEN BOND PREMIUMS ON THE CHINESE SECONDARY MARKET
    Janda, Karel
    Kocenda, Evzen
    Kortusova, Anna
    Zhang, Binyi
    POLITICKA EKONOMIE, 2022, 70 (06) : 684 - 710
12345