Research On The Pricing Of Green Bond In China

Green bond are a new type of financial financing tool that uses raised funds for green recycling and low-carbon development projects,and is an important part of the green financial system.China's green bond development started late,and China's green bond market was officially launched at the end of 2015.Therefore,clarifying the issue pricing of green bonds plays a crucial role in the development of green bond in China.However,there are few research results on green bond pricing in the current research.Therefore,it is necessary to conduct pricing research on green bond.This paper studies the influencing factors of China's green bond pricing,and then constructs a green bond pricing model,in order to provide reference for the development of China's green bond market.Through theoretical analysis and empirical research,this paper studies the factors affecting the pricing of green bond in China,and constructs a green bond pricing model,calculates the theoretical price of G16 Jiahua 1 product,and compares it with its actual price to analyze the green bond pricing model.Rationality,to give relevant advice.The first part of this article is an introduction.It mainly expounds the background,significance,research summary at home and abroad,research content,research methods and innovation deficiencies.The second part is related theoretical analysis,which mainly expounds the definition,types,characteristics and related theoretical basis of green bonds,and provides theoretical basis for later analysis.The third part is the analysis of China's green bond market.It mainly analyzes the issuance process,issuing procedures and imperfect pricing system of China's green bond.The fourth part is to study the factors affecting the pricing of green bond,and establish a multiple regression model to use Eviews7.2 software to analyze the factors affecting the green bond issuance rate.The fifth part is the construction of green bond pricing model.The green bond pricing is divided into “fixed part + floating part”.The fixed part is priced according to the general bond pricing theory.The floating part is based on the “green” attribute using BS model for pricing.The sixth part is the empirical test of green bond pricing.Taking G16 Jiahua 1 product as an example,the product is briefly introduced,and then the fixed part and the floating part of the product are calculated separately,in order to test the scientificity and rationality of the pricing model.The seventh part gives conclusions and policy suggestions based on the analysis results.