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Green Bond Pricing and Its Determinant: Evidence from Chinese Secondary Market

In: Regulation of Finance and Accounting

Author

Listed:
  • Karel Janda

    (Charles University
    University of Economics)

  • Binyi Zhang

    (Charles University)

Abstract

This paper investigates whether green bonds offer investors in China an attractive yield compared to other equivalent conventional bonds. By applying a matching method and, subsequently, fixed-effect estimation, our empirical results reveal a significant negative yield premium of green bonds on average—1.8 bps lower than that of their conventional counterparts in the Chinese secondary market. Furthermore, we find that green bond premiums vary across issuers’ business sectors, mainly due to the public reputation of bond issuers. We also show that bond credit rating and corporate ESG rating have a significant impact on green bond premiums. Our results point to some practical implications for policymakers and investors.

Suggested Citation

  • Karel Janda & Binyi Zhang, 2022. "Green Bond Pricing and Its Determinant: Evidence from Chinese Secondary Market," Springer Proceedings in Business and Economics, in: David Procházka (ed.), Regulation of Finance and Accounting, chapter 0, pages 191-211, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-99873-8_15
    DOI: 10.1007/978-3-030-99873-8_15
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    Cited by:

    1. Huang, Ying Sophie & Guo, Feng & Ma, Lina, 2023. "Do M&A funds create value in Chinese listed firms?," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).

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