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不仅绿色:可持续性和债务资本市场
Annette Becker1, Serena Fatica2, Michela Rancan3
1Deutsche Bundesbank, Mainzer Landstraße 46, 60325, Frankfurt am Main, Germany.
概括
企业绿色,可持续发展和社会 (GSS) 债券发行量大幅增长,这是国家可持续发展承诺和公司绿色倡议所推动的. 绿色行业或有外部保证的公司更有可能发行这些可持续金融工具.
科学领域:
- 金融 金融 金融 金融 金融
- 企业的可持续性 企业的可持续发展
- 可持续金融 可持续金融
背景情况:
- 绿色,可持续发展和社会债券 (GSS) 的全球市场经历了快速扩张.
- 后COVID-19大流行恢复努力越来越多地专注于可持续的经济模式.
- 了解企业GSS债券发行背后的驱动因素对于可持续金融发展至关重要.
研究的目的:
- 确定影响企业决定发行GSS债券的关键决定因素.
- 分析国家可持续性政策和企业特征对GSS债券发行的影响.
主要方法:
- 利用了2014-2022年大型国际企业借款人的样本.
- 使用多项逻辑回归来分析选择的债券类型.
- 检查了国家级可持续性立场和特定行业的绿色特征的影响.
主要成果:
- 记录了GSS债券市场的显著增长趋势,特别是在最近几年.
- 证实,一个国家的可持续发展承诺会对企业进入GSS债券市场产生积极影响.
- 发现绿色行业的公司或拥有现有GSS发行和外部保证的公司更有可能发行这些债券.
结论:
- 国家可持续性政策是企业参与GSS债券发行的主要激励因素.
- 企业对可持续发展的承诺,以部门和外部保证为证,增强了对可持续债务市场的准入.
- 调查结果强调了GSS债券在为可持续的经济转型提供融资方面日益重要.
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