インドにおけるグリーンボンド価格形成の高度化：認証・開示・市場流動性を統合した理論駆動型フレームワーク
Advancing green bond pricing in India: A theory-driven framework integrating certification, disclosure and market liquidity (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
本論文は、インドのグリーンボンド価格形成において認証、開示、流動性、規制インセンティブ、発行体の信頼性がどう影響するかを説明する統合フレームワークを提示する。シグナリング理論、情報非対称性、市場マイクロストラクチャー理論を基に、SEBI・RBI規制と市場慣行をレビューし、9つの検証可能な命題を導出。認証品質や開示強化、流動性向上が情報ギャップを縮小し、イールドスプレッド低下と投資家参加拡大をもたらすと論じる。
English
This conceptual study builds a theory-driven framework explaining how certification, disclosure, liquidity, regulatory incentives, and issuer credibility shape green bond pricing in India. Drawing on signalling, information asymmetry, and market microstructure theories plus SEBI/RBI regulations, it derives nine testable propositions. Credible certification, stronger disclosure, and deeper liquidity are argued to narrow information gaps, lower yield spreads, and expand climate-aligned financing.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準・有報でのサステナビリティ開示義務化が進み、グリーンボンド市場の透明性向上が課題。インドの認証・開示・流動性を統合した枠組みは、日本の発行体・投資家がアジア新興市場での資金調達やESG評価を検討する際の比較材料となる。
In the global GX context
While the paper is India-specific, it speaks to global green bond market design under ISSB/TCFD-aligned disclosure and transition finance agendas. Its integrated treatment of certification, disclosure quality, and liquidity offers a transferable template for emerging markets and for assessing how disclosure infrastructure affects cost of capital.
👥 読者別の含意
🔬研究者:グリーンボンド価格決定要因を理論統合した枠組みと9命題は、新興国市場の実証研究設計に有用。
🏢実務担当者:認証・開示・流動性の改善がイールドスプレッド低減に寄与する可能性を示し、発行体の資金調達戦略に示唆。
🏛政策担当者:SEBI/RBI規制を踏まえ、開示基準強化と規制インセンティブがグリーンボンド市場の効率性を高める根拠を提供。
📄 Abstract（原文）
Purpose: This study develops a structured framework to explain how certification, disclosure, liquidity, regulatory incentives, and issuer credibility influence green bond pricing in India. It integrates theory and market evidence to clarify how these determinants shape investor behavior and pricing outcomes. Methodology: A conceptual research design is used, drawing on signalling, information asymmetry, and market microstructure theories. This study reviews international literature, SEBI and RBI regulations, and market practices to construct an integrated pricing framework and nine propositions for empirical validation. Results: The analysis shows that credible certification, strong disclosure, deeper liquidity, digital transparency tools, and supportive regulatory measures reduce information gaps, strengthen environmental credibility, and enhance pricing efficiency. These mechanisms lower yield spreads, increase investor participation, and expand financing for climate-aligned infrastructure. Conclusions: This study highlights that certification quality, disclosure practices, liquidity, regulatory support, and issuer credibility influence green bond pricing in India. Stronger reporting standards and regulatory reforms can improve transparency and investor confidence. Limitations: The framework is conceptual and requires validation using panel data on sovereign, corporate, and municipal green bonds in India. Contributions: This study introduces a unified, theory-driven pricing model tailored to India’s regulatory and institutional context and offers nine testable propositions to guide future empirical research. Novelty: This study provides one of the first integrated models linking certification, disclosure, liquidity, and regulatory incentives to pricing outcomes in India, offering a structured roadmap for empirical testing and policy design.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://goodwoodpub.com/index.php/sepp/article/download/3692/1721first seen 2026-09-12 05:55:52 · last seen 2026-09-22 05:22:28
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