Factor Analysis Of Green Bond Value And Its Volatility

At present,with the continuous deepening of the development of China's green finance,the influence of green bonds has gradually increased.Under the premise of parity issue,it is relative to common bonds with the same maturity,scale,and credit rating(herein referred to asNon-green bonds)Because green bonds have an inherent"green" advantage,their financing costs are relatively low.From the perspective of investors,from the perspective of investors,their motivation for accepting green bonds with low maturity to maturity may be the widespread spillover effect,social ecological benefits,or stabilization effects of such investments.On the basis of previous empirical research,this paper inserts a green dummy variable into the existing model,and strives to compare the current maturity bonds with the "green" attributes of China's bonds by comparing them with the yield,volatility,and price of ordinary bonds.Investment value and deficiencies.Based on the wind database,the paper divides the data into three-year and five-year groups of green bonds and common bonds of the same nature.The empirical results show that the maturity of green bond yield in three years is slightly better than that of ordinary bonds,but it is not as good as ordinary bonds.From the changes in prices and yields,it can also be seen that the green nature of green bonds has not brought them advantages;while volatility has similar volatility between green bonds and national bonds,so it is greener than ordinary bonds.Bonds have an advantage in volatility.Based on this,this article under the conclusion of empirical research,in the phase of China's green bond market cultivation,in the face of potential problems and challenges,the following policy recommendations are proposed to help green bonds increase their investment value:to improve green bond management support incentives and reduce Green bond issuance costs,the establishment of a professional green bond trading platform,and the training of professional green talents are expected to attract more green-debt investors and make green finance more healthy under the continuous improvement of various systems and measures.