Research On Influencing Factors Related To Enterprises Of Green Bond Issuance Credit Spread

Climate change caused by over exploitation and pollution has caused great harm to human life.With the increasing awareness of climate risk and low-carbon environmental protection,relevant guidance has been issued one after another,and the demand for green investment in the capital market has increased.At the end of 2020,China proposed green development to be carried out in all dimensions to achieve high-quality development and ensure that enterprises can make more efficient use of ecological resources,strictly protect the ecological environment.In recent years,China has gradually entered a period of economic transformation,and the rapid establishment of a good and complete green circular development system has become an important topic in China’s current development.In the bond issuance market,credit spread reflects the cost that enterprises need to pay for issuing bonds and the risk compensation required by investors.However,most literatures generally concentrate on the relationship between the characteristics of main enterprises and the secondary market.Few scholars study the relationship between enterprise characteristics and the primary market,and fewer scholars will involve the field of green bonds.Therefore,on the basis of referring to the existing literature,this paper will study the relationship between the credit spread of bond issuance in the primary market from the perspective of financial and non-financial factors of green bond issuers,so as to help issuers reduce the issuance cost of green bonds.This paper selects 396 green bonds from 2010 to 2020 to carry out empirical research on the enterprise related influencing factors of green bond issuance spread from the perspective of financial factors and non-financial factors of green bond issuing enterprises.The final conclusions are as follows:(1)the nature of state-owned enterprises will significantly reduce the cost of finance;(2)The government’s support for green projects invested,constructed and operated by enterprises will reduce the cost of finance;(3)Green certified bonds show cost margin advantage;(4)If the issuing enterprise has a good financial situation,it will reduce the cost of finance.Finally,it will table some proposals to how to ameliorate China’s green bond market and cut down the cost of issuing enterprises.