Resrarch On The Influencing Factors Of China's Green Bond Issuing Pricing

Green bonds are bond instruments that use the proceeds to specifically finance or refinance green projects that meet the required conditions.China's green bond market has achieved rapid development since its launch at the end of 2015 and has become an extremely important part of our green financial system.For the green bond market,the issue price of green bonds is of great significance,so researching its influencing factors can help to grasp the key points of green bond issuance and related policy formulation,and promote the development of the green bond market.In this paper,the combination of theoretical research and empirical analysis is used to explore the pricing of green bonds.In the theoretical research part,firstly,through the price formation theory of ordinary bonds and the analysis of the unique green factors of green bonds,the possible influencing factors of green bond pricing are proposed;secondly,by reviewing the development process of China's green bond market,the current green bond market in China is summarized Features and problems.In the empirical analysis part,firstly,through descriptive statistical analysis,whether the current green bonds have an issuance cost advantage over ordinary bonds;secondly,according to the theoretical research part of this paper,the government bond maturity yield,the nature of the subject,the debt rating,the issuance scale,the issuance period,the The tripartite green certification is used as the independent variable,and the green bond issue price is used as the dependent variable.A regression model is constructed to study the influencing factors of green bond pricing,and the corresponding conclusions are drawn.The empirical results in this paper show:First,green bonds have a clear cost advantage over ordinary bonds.Secondly,in the issue and pricing process of green bonds,changes in macro conditions play an important role.In addition,under the same conditions,green bonds with higher credit ratings,larger issuance scales,and shorter issuance terms,The lower the issue cost;green bonds issued by state-owned enterprises have a clear cost advantage over green bonds issued by non-state-owned enterprises,and green bonds that have undergone third-party green certification also have obvious advantages over green bonds that do not undergo third-party certification.Distribution cost advantage.Finally,based on the theoretical analysis and empirical analysis results of this article,combined with the current situation and problems of China's current green bond market,we put forward corresponding suggestions,countermeasures and prospects for the future.