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.
关键词
绿色债券/转型风险/绿色溢价/可持续绩效
Key words
Green Bonds/Transformation Risk/Green Premium Effect/Sustainable Performance
维普
万方数据