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The Green Incentives and Green Bonds Financing under the Belt and Road Initiative

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  • Jianhui Jian
  • Xiaojie Fan
  • Shiyong Zhao

Abstract

Since the proposal of the “Belt and Road” initiative, the concept of green development has been running through it. As an important part of green financial instruments, green bonds have become increasingly popular in recent years. This study takes the issuance of green bonds in China as the research object and examines the response of bond and stock market to the issuance of a green bond. The empirical results show that there are green incentives in the Chinese capital market. We also studied the economic impact of the Belt and Road Initiative on the issuance of green bonds. The results show that the Belt and Road Initiative reduces the cost of bond issuance. Our findings help to analyze the literature on the impact of ESG behavior on company performance and company value. Finally, the study made policy recommendations to improve the effectiveness of China’s green bonds and provide sustainable financial support for the “Belt and Road” initiative.

Suggested Citation

  • Jianhui Jian & Xiaojie Fan & Shiyong Zhao, 2022. "The Green Incentives and Green Bonds Financing under the Belt and Road Initiative," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(5), pages 1430-1440, April.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:5:p:1430-1440
    DOI: 10.1080/1540496X.2021.1887726
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    Citations

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    Cited by:

    1. Yousaf, Imran & Mensi, Walid & Vo, Xuan Vinh & Kang, Sang Hoon, 2024. "Dynamic spillovers and connectedness between crude oil and green bond markets," Resources Policy, Elsevier, vol. 89(C).
    2. Duan, Yuejiao & Liu, Lanbiao & Zhang, Jingjia, 2024. "The belt and road initiative and the over-leverage of securities companies," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    3. Shanshan Wang & Shih‐Chih Chen & Mohd Helmi Ali & Ming‐Lang Tseng, 2024. "Nexus of environmental, social, and governance performance in China‐listed companies: Disclosure and green bond issuance," Business Strategy and the Environment, Wiley Blackwell, vol. 33(3), pages 1647-1660, March.
    4. Meihui Zhang & Chi Zhang & Fenghua Li & Ziyu Liu, 2022. "Green Finance as an Institutional Mechanism to Direct the Belt and Road Initiative towards Sustainability: The Case of China," Sustainability, MDPI, vol. 14(10), pages 1-31, May.
    5. Zenno, Yoshihiro & Aruga, Kentaka, 2023. "Investing the factors affecting green bond investments in China: Cases for Beijing and Shenzhen," MPRA Paper 116203, University Library of Munich, Germany.
    6. Yoshihiro Zenno & Kentaka Aruga, 2023. "Investigating Factors Affecting Institutional Investors’ Green Bond Investments: Cases for Beijing and Shenzhen," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
    7. Guozhen Gao & Jinmiao Hu & Yuanyuan Wang & Guofeng Wang, 2022. "Regional Inequalities and Influencing Factors of Residents’ Health in China: Analysis from the Perspective of Opening-Up," IJERPH, MDPI, vol. 19(19), pages 1-17, September.
    8. Yan Dai & Yasir Ahmed Solangi, 2023. "Evaluating and Prioritizing the Green Infrastructure Finance Risks for Sustainable Development in China," Sustainability, MDPI, vol. 15(9), pages 1-18, April.

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