绿色证券化的绿色:外部认证是否重要?
Xiru Li1, Bo Zhu1, Yufei Zhang1
1School of Finance and Institute of Chinese Financial Studies, Southwestern University of Finance and Economics, Chengdu, China.
PloS one
|August 12, 2024
概括
外部认证,包括绿色认证和金融中介机构声誉,通过减轻绿色洗钱风险和信息不对称性,降低了绿色资产支持证券 (ABS) 的融资成本.
科学领域:
- 环境金融 环境金融
- 金融市场 金融市场
- 可持续投资 可持续投资
背景情况:
- 绿色资产支持证券 (ABS) 由于信息不对称和绿色洗钱风险,面临更高的融资成本.
- 发行人寻求外部认证以吸引投资者,但其财务影响仍然不清楚.
研究的目的:
- 调查绿色认证和金融中介机构声誉对绿色ABS收益率折扣的影响.
- 分析信息不对称性和发行人信用风险如何缓解这些认证效应.
主要方法:
- 经验分析了2016年至2022年期间在中国发行的588个绿色ABS.
- 绿色ABS与配对非绿色ABS之间的收益率比较.
- 检查信息不对称性和信用风险的调节作用.
主要成果:
- 绿色认证和金融中介机构声誉都降低了绿色ABS的"绿色" (收益率折扣).
- 这些认证作为积极信号,减少了对绿色洗的担忧,特别是在非金融部门和证券交易所.
- 金融中介认证的定价效应被信息不对称性和信用风险放大,而绿色认证的效应则减少.
结论:
- 外部认证对绿色ABS来说是有利的,因为它增强了投资者的信心,并降低了所感知的风险.
- 不同类型的认证的有效性因市场状况和发行人特定风险而异.
- 调查结果支持改善绿色金融市场效率和促进全球低碳转型的政策.
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