绿色债券是否有利于降低企业融资成本？

Are Green Bonds Beneficial to Reduce Corporate Financing Costs?

摘要: 绿色债券作为绿色金融体系的核心工具，是否有利于降低企业融资成本直接关系到企业发行意愿与市场可持续发展，对于推动“双碳”目标实现具有重要的现实意义。本文通过梳理2015年~2025年国内外绿色债券与融资成本的相关文献，探讨绿色债券是否能降低融资成本问题的争议及其原因，分类整理绿色债券绿色溢价的影响因素及对融资成本的作用机制，旨在呈现该领域的研究进展、核心争议与未来方向，为完善我国绿色金融体系建设和研究提供参考。

Abstract: As a cornerstone of the green finance system, green bonds play a pivotal role in reducing corporate financing costs, which directly impacts corporate issuance willingness and market sustainability. This has significant practical implications for achieving the “dual carbon” goals. Through a systematic review of domestic and international literature on green bonds and financing costs from 2015 to 2025, this paper examines the controversies surrounding the effectiveness of green bonds in lowering financing costs and their underlying causes. It further categorizes and analyzes the factors influencing green bonds “green premium” and their mechanisms of action on financing costs. The study aims to present the research progress, core debates, and future directions in this field, providing insights to enhance China’s green finance system development and academic research.