An Empirical Analysis of Pricing Determinants in China’s Green Bond Market: A Study on Risk Mitigation Effects Through Certification Signals, Rating Analysis, and Disclosure Quality
中国グリーンボンド市場における価格決定要因の実証分析：認証シグナル、格付け分析、開示品質を通じたリスク軽減効果に関する研究 (AI 翻訳)
Ruohan Wang
🤖 gxceed AI 要約
日本語
本研究は、中国のグリーンボンド市場（2017-2024年）を対象に、第三者認証、ESG格付け、環境情報開示の三要素がグリーンボンドの価格形成に与える影響を実証分析。回帰分析の結果、第三者認証は情報非対称性を緩和し資金調達コストを低減、ESG格付けは動的なリスク評価により単一認証より説明力が高く、環境情報開示の質は透明性向上を通じて投資家のリスクプレミアムを直接低下させることを示した。
English
This study empirically analyzes how third-party green certification, corporate ESG ratings, and environmental disclosure quality affect green bond pricing in China (2017-2024). Using multiple linear regression, it finds that certification reduces financing costs by mitigating information asymmetry, ESG ratings outperform single-dimension certifications in risk quantification, and disclosure quality directly lowers investor risk premiums. The findings also highlight moderating effects of issuance methods and issuer characteristics.
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
中国市場を対象とするが、認証・ESG評価・開示の三者がグリーンボンド価格に与える影響は日本市場にも示唆を与える。特にSSBJ後の情報開示強化におけるリスクプレミアム低減効果は参考になる。
In the global GX context
While focused on China, the paper provides a multi-dimensional framework for green bond pricing that is relevant globally. It advances understanding of how certification, ESG ratings, and disclosure interact to affect financing costs, offering insights for ISSB-aligned disclosure and transition finance policies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the joint effect of certification, ESG ratings, and disclosure quality on green bond yields, advancing theoretical frameworks in green finance.
🏢実務担当者:Offers guidance on leveraging third-party certification and improving ESG disclosure to lower green bond financing costs.
🏛政策担当者:Highlights the importance of standardization in green certification and disclosure to enhance market efficiency and reduce greenwashing.
📄 Abstract（原文）
Green bonds, as an innovative financial instrument, are characterized by the earmarking of funds for low-carbon environmental protection, climate adaptation, and other green projects, thereby integrating environmental benefits with economic returns. Compared to conventional bonds, the "green attribute" of green bonds enables investors to pay a premium for environmental value creation. However, existing academic research on green bond pricing primarily focuses on policy effect evaluations or market size measurements, lacking micro-level analyses of the mechanisms through which risk mitigation factors influence pricing. Prior studies have demonstrated that third-party green certification alleviates information asymmetry via signaling effects, corporate ESG ratings integrate environmental, social, and governance risks into dynamic risk assessment frameworks, and environmental information disclosure quality enhances market transparency. Nevertheless, the synergistic impact of these three dimensions on green bond pricing remains unexplored. Drawing on Asymmetric Information Theory, Credit Risk Theory, and Signaling Theory, this study innovatively constructs a multi-dimensional analytical framework to examine the risk mitigation mechanisms in green bond pricing. Specifically, it investigates the sequential roles of compliance-driven assurance (third-party green certification), comprehensive risk quantification (corporate ESG ratings), and transparency enhancement (environmental information disclosure quality Score). Considering 2017 as the pivotal year marking the deepening of China's green financial system construction, the research employs a multiple linear regression model using green bond data from Wind Database (2017–2024) to conduct empirical tests across three dimensions. Results indicate that third-party certification significantly reduces financing costs by mitigating information asymmetry, with its credibility effects particularly pronounced in publicly offered bonds and non-listed enterprises. Corporate ESG ratings demonstrate superior explanatory power by integrating ESG risks into a dynamic pricing benchmark, outperforming single-dimensional certifications. Environmental information disclosure quality emerges as a critical determinant, directly lowering investor risk premiums through enhanced transparency. Furthermore, the study reveals the moderating effects of issuance methods and issuer characteristics on risk mitigation efficacy, offering theoretical insights for optimizing green financial policies and corporate financing strategies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.62051/ijgem.v8n1.26first seen 2026-07-18 05:11:03
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