Research On The Impact Of Green Strategy On The Financing Cost Of Green Bonds

Green bonds have the characteristic of environmental benefits,and enterprises implement the green strategy to pursue the unification of environmental,economic and social benefits.Their purposes are similar.Will enterprises' green strategy affect the financing cost of their green bonds? If there is any impact,how is this effect achieved? It is the problem that this paper wants to solve.At present,the development of green bonds in China has encountered many obstacles,such as inconsistent definition standard of green projects,the imperfect information disclosure system and the third-party evaluation system.Based on the analysis of literatures and the theory of information asymmetry and risk premium,this paper proposes two hypotheses: The implementation level of enterprises' green strategy is negatively correlated with the financing cost of green bonds.Green strategy affects the financing cost of green bonds through the credit rating of the rating agencies.This paper uses the credit spread model to measure the financing cost of green bonds,and uses the text analysis method to quantify green strategy.Taking 136 green bonds issued by China from 2016 to 2018 as the sample,this paper proved the two hypotheses through the multiple regression model.At the same time,this paper further distinguishes environmental benefit management and non-environmental benefit management in green strategy,both of which have the significant negative effect on the financing cost of green bonds.