绿色债券发行溢价效应与投资者激励效应

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-29 DOI:10.1016/j.frl.2025.108042

Yinhui Hao, Yan Zhou

{"title":"绿色债券发行溢价效应与投资者激励效应","authors":"Yinhui Hao, Yan Zhou","doi":"10.1016/j.frl.2025.108042","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines a sample of 7862 green bonds and conventional bonds issued in China from January 2017 to December 2023, employing an OLS model for empirical analysis. The findings reveal that green bonds command a notable premium in the primary market, featuring significantly lower credit spreads compared to ordinary bonds, thereby offering enterprises a more economically efficient means of raising capital. Specifically, green financial bonds boast the narrowest credit spreads, indicating their superior market attractiveness. While green corporate bonds also display lower credit spreads than their conventional counterparts, their premium effect is comparatively less pronounced.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 108042"},"PeriodicalIF":6.9000,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Green bond issuance premium effect and investor incentive effect\",\"authors\":\"Yinhui Hao, Yan Zhou\",\"doi\":\"10.1016/j.frl.2025.108042\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study examines a sample of 7862 green bonds and conventional bonds issued in China from January 2017 to December 2023, employing an OLS model for empirical analysis. The findings reveal that green bonds command a notable premium in the primary market, featuring significantly lower credit spreads compared to ordinary bonds, thereby offering enterprises a more economically efficient means of raising capital. Specifically, green financial bonds boast the narrowest credit spreads, indicating their superior market attractiveness. While green corporate bonds also display lower credit spreads than their conventional counterparts, their premium effect is comparatively less pronounced.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"85 \",\"pages\":\"Article 108042\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-07-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325013005\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325013005","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究以2017年1月至2023年12月中国发行的7862只绿色债券和传统债券为样本，采用OLS模型进行实证分析。研究发现，与普通债券相比，绿色债券在一级市场上具有显著的溢价，其信用利差显著降低，从而为企业提供了一种更经济有效的融资方式。具体而言，绿色金融债券的信用利差最小，表明其市场吸引力更强。虽然绿色公司债券的信用利差也低于传统公司债券，但它们的溢价效应相对不那么明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Green bond issuance premium effect and investor incentive effect

This study examines a sample of 7862 green bonds and conventional bonds issued in China from January 2017 to December 2023, employing an OLS model for empirical analysis. The findings reveal that green bonds command a notable premium in the primary market, featuring significantly lower credit spreads compared to ordinary bonds, thereby offering enterprises a more economically efficient means of raising capital. Specifically, green financial bonds boast the narrowest credit spreads, indicating their superior market attractiveness. While green corporate bonds also display lower credit spreads than their conventional counterparts, their premium effect is comparatively less pronounced.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance