摘要
基于我国非金融企业发行的绿色企业债和公司债数据,并与相同特征的普通债券进行匹配,本文研究绿色债券降低二氧化碳排放这一碳效益对于债券收益率利差的影响。实证发现相比于普通债券,绿色债券的碳效益可以显著降低其收益率利差,表现为二氧化碳减排量越高,绿色债券的收益率利差越低,即产生负的绿色溢价,这一结果也通过了多种内生性检验。机制检验表明碳效益的绿色溢价源于债券投资者的亲环境偏好,以及绿色债券的正外部性转变为经济价值的能力。进一步检验发现当碳效益的地区贡献度越大、地方政府面临的碳减排压力越大,或者存在地方碳排放权交易市场时,碳效益产生的负的绿色溢价越明显。本研究对于理解二氧化碳减排等碳效益如何影响绿色溢价具有重要的理论价值,也为绿色债券市场助力实现“双碳”目标提供实践指导意义。
Using the data of green bonds and paired traditional bonds issued by non-financial firms in China,this paper examines the impact of the carbon benefit of green bonds on bond yield spreads.The empirical results show that the carbon benefit of green bonds can significantly reduce their yield spreads.The greater reduction in carbon dioxide emissions,the lower the yield spreads on green bonds,suggesting the greenium is generated.This result is still robust after a series of endogeneity tests.The mechanism test shows that the greenium in carbon benefit stems from the pro-environmental preference of bond investors and the potential ability to transform the positive externalities of green bonds into economic value.Further tests show that the greater the regional contribution of carbon benefit,the greater carbon emission reduction pressure faced by local governments,or the existence of local carbon emission trading market,the more obvious of greenium in carbon benefit.This study has important theoretical significance for understanding how carbon benefits such as carbon dioxide reduction affect greenium,and also provides practical guidance for the green bond market to help achieve the goal of“double carbon”.
出处
《会计研究》
CSSCI
北大核心
2022年第8期106-120,共15页
Accounting Research
基金
国家社会科学基金一般项目(21BGL102)
上海市哲学社会科学基金一般项目(2020BJB009)
广东省自然科学基金青年提升项目(2023A1515030279)
国家自然科学基金青年项目(71802085)
关键词
绿色债券
碳效益
二氧化碳减排
绿色溢价
Green Bonds
Carbon Benefit
Carbon Dioxide Reduction
Greenium
作者简介
通讯作者:徐思,xusi@m.scnu.edu.cn。
