The Premium Effect,Mechanisms,and Sustainable Performance of Green Bonds
This article introduces the intensity of policy support into Gao and Schmittmann's adverse selection model,delineating the mechanisms of the premium effect of green bonds.It empirically tests theoretical conclusions us-ing data from green bonds issued between 2016 and 2022.The research findings are as follows:1)the credit spread of green bonds is significantly lower than that of conventional bonds by 13 percent,indicating the existence of a green pre-mium.Green bonds certified by third parties and with higher green attributes exhibit a higher green premium;2)mecha-nism analysis reveals that the green bond premium increases with greater corporate transformation risk,decreases with increased policy support intensity,and increases with improved environmental disclosure quality;3)further analysis shows that due to environmental governance costs,issuing green bonds reduces a firm's financial performance,but en-hances environmental performance,ultimately increasing the firm's sustainable performance.
Green BondsTransformation RiskGreen Premium EffectSustainable Performance
万方数据
维普
