可持续发展承诺,环境成就和绿色债券溢价
Keith Jin Deng Chan1, Vivi Yuwei Liao1
1Division of Environment and Sustainability, The Hong Kong University of Science and Technology, Hong Kong Special Administrative Region of China.
Journal of environmental management
|August 8, 2025
概括
第二方意见 (SPOs) 揭示了发行人的绿色性,影响了绿色债券溢价 (Greenium). 投资者重视环境成就和可持续发展承诺,利用它们来评估绿色债券的信誉和发行人治理.
科学领域:
- 环境金融 环境金融
- 企业社会责任 企业社会责任
- 可持续投资 可持续投资
背景情况:
- 现有的研究表明,第二方意见 (SPO) 提高了绿色债券溢价 (Greenium).
- 然而,驱动这种溢价的具体信息仍然不清楚.
- 这项研究调查了除了使用收益之外的Greenium的决定因素.
研究的目的:
- 确定绿色债券溢价 (Greenium) 的新决定因素.
- 分析发行人的可持续发展承诺和环境成就对Greenium的影响.
- 了解投资者如何使用特定发行人的信息来评估绿色债券的可信度.
主要方法:
- 对135份第二方意见 (SPO) 的外部评论进行了内容分析.
- 使用匹配的绿色债券和传统债券样本进行实证分析.
- 开发一种理论模型,将发行人特征与Greenium联系起来.
主要成果:
- 82%的SPO评估发行人的绿色性,参考可持续发展承诺或环境成就.
- 发行人更强大的环境成就导致更高的Greenium.
- 可持续发展承诺放大了环境成就对Greenium的影响.
结论:
- 绿色债券投资者考虑发行人的环境记录和可持续性治理.
- 发行人的环境成就是Greenium的一个关键驱动因素.
- 可持续发展承诺与行动之间的不协调会增加资本成本.
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