中国债券市场向“绿”而生助力低碳经济建设

China’s Bond Market Is Going “Green” to Help Build a Low-Carbon Economy

摘要: 绿色债券是绿色金融的重要组成部分，能够鼓励绿色投资，促进经济低碳转型，发行绿色债券能否起到降低企业项目的融资成本，对于推动我国低碳经济建设具有重要意义。选取了2016年至2021年底发行的绿色债券，将其与普通债券进行匹配，构建债券与无风险债券的票面利率之差模型，研究绿色债券与普通债券的定价差异。研究发现：绿色债券与普通债券相比有较低的信用利差，可以降低企业融资成本；第三方认证对降低信用利差没有显著影响；除此之外绿色债券较低的信用利差随着时间的推移越来越显著。影响机制检验结果显示，绿色债券募集资金的使用用途和当地政府的政策支持是带来绿色溢价的重要机制。研究结论表明融资方在利用绿色债券的发行便利提高自身融资效率的同时需要注重募集资金的管理；政府也应该出台有关绿色债券发行的政策，鼓励企业进行绿色债券的发行和第三方认证，共同推动我国低碳经济的建设。

Abstract: Green bonds are an important component of green finance, which can encourage green investments and promote the transition to a low-carbon economy. The issuance of green bonds can potentially lower the financing costs for corporate projects, thus playing a significant role in advancing the development of a low-carbon economy in our country. To study the pricing differences between green bonds and conventional bonds, we selected green bonds issued from 2016 to the end of 2022 and matched them with ordinary bonds. We constructed a model to analyze the difference in coupon rates between bonds and risk-free bonds. The research findings indicate that green bonds have lower credit spreads compared to conventional bonds, which can lower the financing costs for enterprises. Third-party certification does not have a significant impact on reducing credit spreads. Additionally, the lower credit spreads of green bonds become more significant over time. The examination of influencing mechanisms shows that the use of funds raised from green bond issuance and policy support from local governments are important factors contributing to the green premium. The research conclusion suggests that while financing parties can improve their own financing efficiency by utilizing the convenience of issuing green bonds, they also need to pay attention to the management of raised funds. Governments should also introduce policies related to green bond issuance to encourage companies to issue green bonds and undergo third-party certifications. Together, we can promote the development of China’s low-carbon economy.