Research On The Impact Of Third-party Certification On The Interest Rate Of Green Bond Issuance

The 20th Party Congress report states that we should actively and steadily promote carbon peaking and carbon neutrality.The development of a green financial system and a new pattern of green finance has become one of the main tasks of the 14 th Five-Year Plan of China.As one of the cornerstone products of the green financial market,green bonds have the advantages of low spreads,easy issuance and review,and tax benefits.However,with the gradual development of the green bond market,the phenomenon of "green floating" has emerged in the market,which is to apply for "green channel" through irregularly packaged "non-green" projects in order to obtain policy preferences.This will not only crowd out the financial market’s capital resources and increase its risk,but also contradict its purpose and original intention of "supporting green development".To address this issue,third-party certification has become the primary solution for improving the credibility and information transparency of green bonds.Therefore,this paper studies and analyzes the impact of third-party certification on the interest rate of green bond issuance,which helps to promote the establishment and improvement of the green financial market and the third-party certification market,as well as the implementation of the "double carbon" policy in the financial market,thus promoting the goal of green,low-carbon and recyclable development and paving a new path for high-quality development.This paper firstly compares the research literature on green bonds and third-party certification,introduces the relevant concepts,analyzes and summarizes the development status.Based on asset pricing theory,bond pricing theory and interest rate risk structure theory,this paper explores the impact of third-party certification on the issuance rate of green bonds from the perspectives of information asymmetry and corporate social responsibility,and then proposes the research hypothesis of this paper.In the empirical analysis,981 green bonds issued in China are selected as the research sample,and the issuance rate of green bonds is used as the research object.A multiple regression model is constructed and tested for robustness by means of sample selection and industry heterogeneity.Then,the heterogeneity between third-party certification bodies and green bond varieties is further analyzed.The main findings are as follows:Firstly,third party certification can significantly reduce the issuance rate of green bonds.Secondly,the effectiveness of third-party certification reports issued by credit rating agencies on the interest rates of green bond issues differs significantly from that of environmental consultancies and other agencies.Thirdly,the issuance rates of carbon neutral bonds are significantly lower than those of other green bonds,and the impact mechanism is different from that of others.Based on the above findings,this paper proposes the following five countermeasures from the policy and market perspectives: Firstly,strengthen policy support,promote the concept of "dual carbon" and facilitate the healthy development of green financial markets.Secondly,standardize the green bond evaluation and certification business and establish a robust information disclosure and certification system.Thirdly,practice ESG investment and promote the high-quality development of green.Fourthly,improve the business capacity of evaluation and certification institutions and promote the standardized development of third-party certification.Fifthly,cultivate the green bond market investment community and promote innovation in green financial products.