Research On The Factors Affecting The Green Bond Issuancep Rice

Since 2016,the rapid development of green bonds has become an indispensable part of China's green financial system.The green bond issuance price has important guiding significance for the green bond market.Studying the factors affecting the green bond issuance price will help promote the development of the green bond market and improve the green bond pricing theory.This paper first puts forward the theory of green bond price composition,and believes that the spread caused by risk-free bond price,credit spread,liquidity premium,tax compensation and green factors constitutes the green bond price,and studies the green factor on the green bond price.Mechanism of action.Secondly,two empirical analyses were carried out: the first empirical study explored the difference in the issue price of green bonds and ordinary bonds;the second time,the green bond issuance rate as the dependent variable,the risk-free bond price,GDP growth rate,and tripartite The rating,net asset-liability ratio,issue size,issue period,and green bond tripartite certification dummy variables are used as independent variables to construct a regression model to explore the influencing factors of green bond issue price.Then,the paper analyzes the 17 cases of Bank of Communications green financial bonds,and explores the impact of risk-free bond prices,credit risk,liquidity risk and green factors on the 17 green financial bonds of Bank of Communications.Finally,based on the above analysis,this paper proposes targeted recommendations.The study concluded that green bond prices consist of five aspects: risk-free bond prices,credit spreads,liquidity premiums,tax compensation,and green factor spreads.The factors affecting the green bond issuance price include: 1.risk-free bond price;2.GDP growth rate;3.credit rating;4.bond issuance scale;5.green factor;6.bond term(not obvious).Under the existing green bond type structure,it is impossible to confirm whether the net asset-liability ratio has a significant impact on the green bond issuance price.Among the green factors,the tripartite assessment certification can further reduce the issuance rate of green bonds.This paper believes that the development of green bonds is inseparable from the role of the government.The government can effectively reduce the financing costs of green bond issuers by changing the effectiveness of investors,strengthening information disclosure,and increasing direct subsidies.Secondly,the green bond market is dominated by short-term and medium-term bonds.The main body of the issue is mainly state-owned enterprises.The type is mainly financial bonds.In the future,green bonds with multiple maturities,multiple natures and various types should be developed.Finally,we should give full play to the positive role of the green bond tripartite certification assessment on green bonds and encourage the issuers to conduct tripartite certification.