More recently, investors’ preference for green bonds is of particular interest for researchers. The possible non-pecuniary motive in sustainable finance can be identified by the green bond premium. But no consensus has been achieved owing to differences in samples and market settings. This paper specifically focuses on the estimation of the green bond premium in China. We introduced three issuance motivation theories to explain the drivers of green premium and convinced them through a set of empirical tests. The propensity score matching method was employed to claim that compared with matched conventional bonds, green bonds are priced at an average negative premium of 7.8bps, implying that green projects may be issued at a lower cost. Considering that a financial group has a higher negative premium than a corporate group, green financing for sustainable development is still led by indirect finance. Furthermore, empirical results convince that a negative premium is pronounced for state-owned enterprises and varies across the financial and corporate groups. Central SOEs have more advantage in raising funds than local SOEs. In addition, the effect of ownership on the green premium will significantly change if bond issues with a third-party verification. The role of verification is important in reducing information asymmetry and avoiding greenwashing behavior. We suggest that financial resources need to be properly allocated to the real enterprises through third-party verification or government supportive measures.
相似文献Compared to the zonal-mean Hadley cell (HC), our knowledge of the characteristics, influence factors and associated climate anomalies of the regional HC remains quite limited. Here, we examine interannual variability of the northern poleward HC edge over western Pacific (WPHCE) during boreal winter. Results suggest that interannual variability of the WPHCE is impacted by the El Niño-Southern Oscillation (ENSO) Modoki, North Pacific Oscillation (NPO) and North Atlantic Oscillation (NAO). The WPHCE tends to shift poleward during negative phase of the ENSO Modoki, and positive phases of the NPO and NAO, which highlights not merely the tropical forcing but also the extratropical signals that modulate the WPHCE. ENSO modoki, NPO and NAO modulate the WPHCE via inducing atmospheric anomalies over the western North Pacific. We further investigate the climatic impacts of the WPHCE on East Asia. The poleward shift of the northern descending branch of the WPHC results in anomalous upward (downward) motions and upper-level divergence (convergence) anomalies over south-central China (northern East-Asia), leading to increased (decreased) rainfall there. Moreover, pronounced cold surface air temperature anomalies appear over south-central China when the sinking branch of the WPHC moves poleward. Based on the temperature diagnostic analysis, negative surface temperature tendency anomalies over central China are mostly attributable to the cold zonal temperature advection and ascent-induced adiabatic cooling, while the negative anomalies over South China are largely due to the cold meridional temperature advection. These findings could improve our knowledge of the WPHCE variability and enrich the knowledge of forcing factors for East Asian winter climate.
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