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ESTIMATION OF GREEN BOND PREMIUMS ON THE CHINESE SECONDARY MARKET

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F22%3A10458034" target="_blank" >RIV/00216208:11230/22:10458034 - isvavai.cz</a>

  • Alternative codes found

    RIV/61384399:31110/22:00059026

  • Result on the web

    <a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=SZ2VQpkaD0" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=SZ2VQpkaD0</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.18267/j.polek.1363" target="_blank" >10.18267/j.polek.1363</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    ESTIMATION OF GREEN BOND PREMIUMS ON THE CHINESE SECONDARY MARKET

  • Original language description

    Green bonds have gained prominence on China&apos;s capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume on the Chinese green bond market has been growing rapidly in recent years, the impact of the green label on bond pricing has not been studied adequately. Therefore, this paper investigates whether this newly developed financial instrument offers investors in China an attractive yield compared to other equivalent conventional bonds. By matching green bonds with their conventional counterparts and subsequently applying a fixed-effects estimation, our empirical results reveal a significant green bond yield premium of 1.8 basis points (bps) on average on the Chinese secondary market. As compared to Climate Bond Initiative (CBI) certified green bonds, we find that investors are more willing to accept lower yields (pay higher prices) to include People&apos;s Bank of China (PBOC) certified green bonds into their portfolio management. Thus, we argue that Chinese green investors prefer PBOC certified green bond over CBI certified green bonds on the Chinese market. Driven by pro-environmental preference, investors are also found to be willing to pay a higher price for green bonds issued by environmental, social and governance (ESG) performance-rated issuers. Our results point to some practical implications for investors and policymakers.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50201 - Economic Theory

Result continuities

  • Project

    <a href="/en/project/GX19-26812X" target="_blank" >GX19-26812X: Frontiers in Energy Efficiency Economics and Modelling - FE3M</a><br>

  • Continuities

    P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Others

  • Publication year

    2022

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Politická ekonomie

  • ISSN

    0032-3233

  • e-ISSN

    2336-8225

  • Volume of the periodical

    70

  • Issue of the periodical within the volume

    6

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    27

  • Pages from-to

    684-710

  • UT code for WoS article

    000926486100003

  • EID of the result in the Scopus database