Unleashing Fintech’s potential: A catalyst for green bonds issuance

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-21 DOI:10.1016/j.intfin.2024.102009

Jin Huang , Ruiqi Liu , Wenting Wang , Zi'ang Wang , Congwei Wang , Yong (Jimmy) Jin

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Abstract

Financial technology, also known as fintech, is transforming daily lives and revolutionising the financial industry. However, there is currently no consensus regarding the effect of fintech on the green bond market. Using novel Chinese data, this study provides robust evidence that fintech development can significantly boost green bond issuance. Further analysis suggests that this promotional effect occurs by empowering intermediary institutions and increasing social environmental awareness. Additionally, we investigate the heterogeneous effect and find that the positive relationship is more pronounced for bonds without high ratings and whose proceeds are not used for refinancing. This effect is also stronger for non-state-owned issuers and in cities connected with High-Speed Railway networks or located in the eastern region of China. These results call for attention from policymakers and security managers to take further notice of fintech utilisation in green finance products.

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释放金融科技的潜力：绿色债券发行的催化剂

金融技术（又称金融科技）正在改变人们的日常生活，并彻底改变金融业。然而，关于金融科技对绿色债券市场的影响，目前还没有达成共识。本研究利用新颖的中国数据，提供了金融科技发展能显著促进绿色债券发行的有力证据。进一步的分析表明，这种促进作用是通过增强中介机构的能力和提高社会环保意识而产生的。此外，我们还研究了异质性效应，发现对于没有高评级且收益不用于再融资的债券，正向关系更为明显。对于非国有发行人以及与高铁网络相连或位于中国东部地区的城市，这种效应也更强。这些结果呼吁政策制定者和证券管理者进一步关注金融科技在绿色金融产品中的应用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.