Greenwashing and credit spread: Evidence from the Chinese green bond market

被引：64

作者：

Xu, Guoquan ^{[1
]}

Lu, Nuotian ^{[2
]}

Tong, Yan ^{[2
]}

机构：

[1] Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China

[2] Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2022年 / 48卷

基金：

中国国家自然科学基金;

关键词：

Greenwashing; Credit spread; Green bond; ESG; Fixed income securities; LIQUIDITY RISK; DEBT; COST;

D O I：

10.1016/j.frl.2022.102927

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study analyzes how greenwashing affects green bond (GB) pricing. With a unique dataset, we empirically find that greenwashing does exist in the Chinese GB market, leading to higher credit spread compared to that of traditional bonds. However, green bonds with third-party certification have lower credit spread. Furthermore, the heterogeneity of trading venues and issuer ESG performance results in differential effects of third-party certification on GB credit spread. These findings enrich the understanding of green bond pricing and shed light on the development of the GB market.

引用

页数：6

共 22 条

[1] Corporate social responsibility and credit risk [J].

Barmier, Christina E. ;

Bofinger, Yannik ;

Rock, Bjoern .

FINANCE RESEARCH LETTERS, 2022, 44

[2] Do busy directors influence the cost of debt? An examination through the lens of takeover vulnerability [J].

Chakravarty, Sugato ;

Rutherford, Leann G. .

JOURNAL OF CORPORATE FINANCE, 2017, 43 :429-443

[3] The impacts of liquidity measures and credit rating on corporate bond yield spreads: evidence from China's green bond market [J].

Chang, Kai ;

Feng, Yan Ling ;

Liu, Wang ;

Lu, Ning ;

Li, Sheng Ze .

APPLIED ECONOMICS LETTERS, 2021, 28 (17) :1446-1457

[4] Corporate hedging and the cost of debt [J].

Chen, Jun ;

King, Tao-Hsien Dolly .

JOURNAL OF CORPORATE FINANCE, 2014, 29 :221-245

[5]

Cochu A., 2016, Study on the potential of green bond finance for resource-efficient investments

[6] DOES THE LIQUIDITY OF A DEBT ISSUE INCREASE WITH ITS SIZE - EVIDENCE FROM THE CORPORATE BOND AND MEDIUM-TERM NOTE MARKETS [J].

CRABBE, LE ;

TURNER, CM .

JOURNAL OF FINANCE, 1995, 50 (05) :1719-1734

[7] Liquidity Risk Premia in Corporate Bond Markets [J].

de Jong, Frank ;

Driessen, Joost .

QUARTERLY JOURNAL OF FINANCE, 2012, 2 (02)

[8] Spanish Treasury bond market liquidity and volatility pre- and post-European Monetary Union [J].

Díaz, A ;

Merrick, JJ ;

Navarro, E .

JOURNAL OF BANKING & FINANCE, 2006, 30 (04) :1309-1332

[9]

Escalante D., 2020, Climate Policy Initiative

[10] The impact of liquidity risk on the yield spread of green bonds [J].

Febi, Wulandari ;

Schafer, Dorothea ;

Stephan, Andreas ;

Sun, Chen .

FINANCE RESEARCH LETTERS, 2018, 27 :53-59

← 1 2 3 →