Research On The Influence Of Social Attention On Green Bond Pricing

China's green bond market prospered since 2015,the total issuing size expanding quickly and investors becoming increasingly diversified.However,it is still faced with problems such as immature evaluation standards,irregular information disclosure mechanisms and imperfect pricing system.Under the "top-down" development model,"green finance" has become a social hot word.This paper aims to study the impact of these concerns on the pricing of green bonds.Firstly,the paper analyzes the influence of green attribute on bond pricing and how social attention affects green bond credit spread with theories,and then comb the related research of predecessors.Subsequently,the paper includes an empirical study using green bonds issued in 2016-2018 from the wind database.The regression results show that media attention and analyst attention have a significant negative correlation with the credit spread of green bonds,and there is no significant correlation between public attention and green bond credit spread.Maybe it is because main investors of bonds are institutions in China.The research proves that under the circumstances of insufficient information disclosure of green bonds,the heat of media reports and analyst attention has a significant impact on the pricing of green bonds in China.This can help investors gain a more thorough understanding of green bond market,which is on its way of developing and maturing.On the other hand,this can also be used as a reference,helping the government formulate policies to strengthen the regulation of green bond evaluation and information disclosure,and guide investors to invest rationally,promoting the healthy growth of China's green bond market.