Green bond credit spreads and bank loans in China

被引:7
作者
Wang, Congcong [1 ,2 ]
Wang, Chong [1 ]
Long, Huaigang [1 ,2 ]
Zaremba, Adam [3 ,4 ,5 ]
Zhou, Wenyu [6 ,7 ]
机构
[1] Zhejiang Univ Finance & Econ, Sch Finance, 18 Xueyuan St, Hangzhou 310018, Zhejiang, Peoples R China
[2] Zhejiang Univ Finance & Econ, New Type Key Think Tank Zhejiang Prov, China Res Inst Regulat & Publ Policy, Hangzhou 310018, Zhejiang, Peoples R China
[3] Montpellier Business Sch, 2300 Ave Moulins, F-34185 Montpellier 4, France
[4] Poznan Univ Econ & Business, Inst Finance, Dept Investment & Financial Markets, Al Niepodleglosci 10, PL-61875 Poznan, Poland
[5] Univ Cape Town, Fac Commerce, Dept Finance & Tax, Rondebosch, South Africa
[6] Zhejiang Univ, Int Business Sch, Haining 314400, Zhejiang, Peoples R China
[7] Zhejiang Univ, Sch Econ, Hangzhou 310058, Zhejiang, Peoples R China
基金
中国国家自然科学基金;
关键词
Credit spread; Green bonds; Bank loans; Corporate financing constraints; Greenwashing; CORPORATE SOCIAL-RESPONSIBILITY; DETERMINANTS; CONSTRAINTS; MARKETS; DEBT; COST; COMPETITION; INVESTMENT;
D O I
10.1016/j.irfa.2024.103300
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Green finance is increasingly important in both academia and industry, yet the relationship between green bonds and bank loans remains largely understudied. In this study, we conduct an empirical investigation into the impact of the credit spreads of green bonds on the structure of debt financing. Our findings suggest that companies with larger credit spreads on green bonds in the secondary market tend to experience a higher growth rate in new bank loans. The presence of such credit spreads in the secondary market exacerbates corporate financing constraints and information asymmetry. This dynamic fosters implicit collusion between enterprises and banks, enhancing the firms' ability to secure bank loans. This research sheds light on the economic implications of the credit spreads of green bonds from the banks' perspective and offers valuable insights for optimizing credit strategies and detecting greenwashing behavior among banks and investors.
引用
收藏
页数:14
相关论文
共 50 条
  • [41] Emerging Stock Market Integration and Corporate Bond Credit Spreads
    Jing, Jiao
    Rao, Shentong
    Song, Yuanyuan
    EMERGING MARKETS FINANCE AND TRADE, 2025, 61 (03) : 684 - 699
  • [42] Market conditions, default risk and credit spreads
    Tang, Dragon Yongjun
    Yan, Hong
    JOURNAL OF BANKING & FINANCE, 2010, 34 (04) : 743 - 753
  • [43] Green Loans in Bank Portfolio: Financial and Marketing Implications
    Mirovic, Vera
    Kalas, Branimir
    Djokic, Ines
    Milicevic, Nikola
    Djokic, Nenad
    Djakovic, Milos
    SUSTAINABILITY, 2023, 15 (07)
  • [44] Environmental credit regulatory policies and bank loans of heavily polluting firms
    Ding, Xin
    Kang, Yixuan
    Narayan, Paresh Kumar
    Fan, Yusheng
    ENERGY ECONOMICS, 2025, 141
  • [45] The impact of credit reforms on bank loans and firm leverage around the world
    Gonenc, Halit
    Jansen, Floris
    Tinoco, Mario Hernandez
    Vulanovic, Milos
    EUROPEAN FINANCIAL MANAGEMENT, 2024, 30 (05) : 2449 - 2502
  • [46] Bank loan renegotiation and credit default swaps *
    Clark, Brian
    Donato, James
    Francis, Bill B.
    Shohfi, Thomas D.
    JOURNAL OF BANKING & FINANCE, 2023, 151
  • [47] ESG and corporate credit spreads
    Barth, Florian
    Huebel, Benjamin
    Scholz, Hendrik
    JOURNAL OF RISK FINANCE, 2022, 23 (02) : 169 - 190
  • [48] Do property rights matter for bank loans? Evidence from China
    Wu, Ying
    Zhang, Yi
    Li, Guangzi
    Li, Fang
    FINANCE RESEARCH LETTERS, 2022, 48
  • [49] International Financial Reporting Standards and Private Firms' Access to Bank Loans
    Balsmeier, Benjamin
    Vanhaverbeke, Steven
    EUROPEAN ACCOUNTING REVIEW, 2018, 27 (01) : 75 - 104
  • [50] Do corporate social responsibility ratings affect credit default swap spreads?
    Drago, Danilo
    Carnevale, Concetta
    Gallo, Raffaele
    CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 2019, 26 (03) : 644 - 652