Study On The Pricing Of Green Bond Issue In China

Green bond is a financing tool that explicitly defines the funds used in the construction and operation of green projects.To clarify the factors that affect the pricing of green bonds in China will further enhance the participation level of market participants.Therefore,through theoretical analysis and empirical test,this paper analyzes the factors influencing the pricing of green bonds in China.The main contents are as follows:First of all,I analyzes the literature about the current bond pricing,its influencing factors and green bonds,then analyzes the risk and influencing factors of the bond issue.This is the theoretical basis of this article.Secondly,this chapter is about my research on the current green bond market in China.It mainly includes the background of the development of green bond market in China,the concept,characteristics,types of green bond and the current characteristics of the current development of green bond market in China.Thirdly,based on the previous theoretical research and relevant empirical summary,I theoretically analyze the possible influencing factors of China's green bond issue pricing.In this paper,the main factors are divided into two categories:Green factors and other basic factors,and green factors include environmental benefits,environmental risk control and green preferential policies.,and other basic factors include macro factors,micro issue enterprises and the influence factors of bonds themselves.Fourthly,a regression model is established to test the factors influencing the issue price of green bond market in China.As the empirical sample is based on China's green bonds issued by public offering and parity,the key issue price is the determination of issuing interest rate.In order to explore the current relevant advantages of the pricing of green bond issue in China,the price index is represented by the difference between the common enterprise bond and the green bond issue interest rate,and the green influence factor adopts the government subsidy representative,and I further analyzes the validity of the empirical results through the further analysis of the classification of the state-owned and non-state enterprises in the nature of the distribution market.The empirical results show that:At present,there is no obvious advantage of issuing interest rate on the issue of green bond issuance in China,but there is a certain advantage in the distribution of state-owned enterprises,and the government subsidy does not have an obvious positive effect on encouraging enterprises to issue green bonds.And the issuance and pricing of green bonds is deeply affected by the current market environment,but the better the issuer's credit is,compared with the issuance of ordinary bonds,the choice of green bonds by enterprises has a more obvious advantage of low financing cost.Finally,some suggestions are put forward on the basis of this paper.