摘要
为促进社会的可持续发展,国家提出构建绿色金融体系来引导社会资本为绿色项目提供资金支持。作为绿色金融体系中重要的直接融资工具,绿色债券的发展为推进生态文明体制改革发挥了重要作用。在此背景下,探究绿色债券票面利率影响因素有助于降低相关主体融资成本。运用实证分析方法,从宏观、企业、债券三类要素中选取绿色债券票面利率的可能影响因素,通过建立多元回归模型最终得出市场利率、国内通货膨胀、企业注册资本、净资产收益率以及信用评级对绿色债券票面利率影响显著,并为绿色债券市场的持续发展提出合理建议。
In order to promote the sustainable development of society,the state proposes to build a green financial system to guide social capital to provide financial support for green projects.As an important direct financing tool in the green financial system,the development of green bonds has played an important role in promoting the reform of ecological civilization system.In this context,exploring the factors affecting the coupon interest rate of green bonds will help to reduce the financing costs of relevant subjects.Using empirical analysis methods,the possible factors affecting the green bond coupon rate are selected from the macro,corporate and bond elements.Through the establishment of multiple regression models,market interest rates,domestic inflation,corporate registered capital,return on net assets and credit are finally obtained.The rating has a significant impact on the green bond coupon rate and provides reasonable advice for the continued development of the green bond market.
作者
朱家明
祝静远
Zhu Jiaming;Zhu Jingyuan(School of Statistics and Applied Mathematics,Anhui University of Finance and Economics,Bengbu Anhui 233030,China;School of Finance,Anhui University of Finance and Economics,Bengbu Anhui 233030,China)
出处
《辽宁石油化工大学学报》
CAS
2019年第4期87-92,共6页
Journal of Liaoning Petrochemical University
基金
国家自然科学基金项目“3-流猜想,Fulkerson-覆盖及相关问题”(11601001)
“全国大学生节能减排社会实践与科技竞赛”项目(acxkjsjy201803zd)
大数据背景下数学类专业课程《数学建模》教学内容的研究项目(acjyyb2018006)
关键词
绿色债券
票面利率
绿色金融
实证分析
Green bonds
Coupon rate
Green finance
Empirical analysis
