Research On The Determinants Of China's Green Bond Credit Spreads

After the Second World War in 1945,with the change of the global economic order,the economic system was more conducive to the development of the industrial division of labor,and the world economy quickly entered the fast lane of growth.At the same time,it gradually began to taste the consequences of the deterioration of environmental conditions.Natural disasters,the rising number of people suffering from cancer,and the shortage of resources have become more serious.Exploring the use of financial market tools to help solve these problems has become a key issue for countries in the world.Green bonds are a kind of major financial innovation products.Their organic combination of green and financial attributes,targeted multi-industry development will help China's industrial structure upgrade and adjustment,and help the development of China's green industry.Actively promote the role.The main innovations of this paper are:First,this paper collects the credit spread data of green bonds issued by the green bond market from 2016 to 2017 through a large number of statistical work,and the financial data of the latest issue of the main issuer corresponding to each bond issuance point.Indicators,as well as the non-financial indicators used in the establishment of the model;constructing a multiple linear regression model to empirically study the factors affecting China's green bond credit spreads.Second,in order to study the impact of green certification factors on the credit spreads of green bond issuances,further expand the number of non-green bonds issued by it to 667,and increase the virtual explanatory variables of green certification in the indicator system.In order to improve the accuracy of the regression analysis,there are three methods:regression adjustment method,double robust difference method,and propensity score matching(PSW).Under the conditions of issue subject,credit rating,bond maturity,and bond size,Calculate and get comprehensive evaluation results.The full text is divided into five parts:First,for the introduction of the full text,the author mainly expounds the research background,significance,domestic and foreign literature review,content,methods,innovation,etc.;then,it elaborates the definition of the green bond concept.An explanation of the theoretical basis;followed by statistics on the status and characteristics of China's green bond development in recent years;then,through the collection of data to build an econometric model,the impact of multiple factors on the credit bond spread of green bonds was verified,and in particular,the green certification was introduced.Impact.Finally,the conclusions of this paper are summarized,and several policy suggestions are proposed to promote the healthy and rapid development of the green bond market.The author innovatively applied the credit spread analysis model method to the research field of green bonds.The model comprehensively examined the impact of many risk points on the green bond credit spreads,a nd found its inverse economic cycle and special negative interest rate term structure characteristics.,and verify that green certification has a significant effect on the spread of green bond issuance.