Research On The Impact Of Third-party Certification On The Issuance Of Green Corporate Bonds In My Country

As an important part of green bonds,green corporate bonds have been rapidly expanded in both quantity and scale since the first green corporate bonds were issued in May 2016.Because green corporate bonds have certain advantages in terms of issuance cost,the phenomenon of "greening" has emerged in the market,which irregularly occupies the resources of the green financial market and increases the market risk.The issuance spread of bonds reflects the credit risk of bonds,which directly expresses the profitability of investors and the financing cost of issuers.Third-party certification of green corporate bonds can distinguish green bonds from ordinary bonds,improve the quality of information disclosure of green corporate bonds,reduce the possibility of information asymmetry,weaken the credit risk of green corporate bonds,ensure the safety and profitability of investors’ investment and reduce the financing cost of bond issuers.In addition,it can also provide a basis for market regulators to assess green risks and promote the continuous development of the green bond system.In order to study the influence of third-party certification on the spread of green corporate bonds,this paper takes 156 green corporate bonds issued in the form of public offering from 2016 to 2021 as the research object,uses the spread of bond issuance as the explanatory variable,whether the bond is certified by a third party as the explanatory variable,and the characteristics of the bond and the issuer as the control variables.The empirical analysis was performed by multiple linear regression model.The conclusions are drawn by grouping the analysis according to the nature of the third-party certification agency,the industry in which the bond issuer is located and the region in which it is located.It is found that the spread of green corporate bonds issued with third-party certification is lower compared to uncertified green corporate bonds.Meanwhile,the effects of third-party certification by different institutions are different,and the effects of third-party certification for green corporate bonds in different industries and different regions are also different.Based on the results of the empirical study,this paper makes three points with recommendations.Firstly,to establish a robust third-party evaluation and certification system and unify the standards for third-party certification of green corporate bonds.Secondly,different incentive policies should be formulated for the current situation of different industries to promote the progress of green corporate bonds within different industries.Finally,increase the efforts of policy support to promote the balanced development of green corporate bonds in different regions.