摘 要
随着全球绿色金融体系的快速发展，绿色债券作为重要的融资工具，在推动可持续发展和应对气候变化方面发挥了关键作用。然而，其发行定价机制及其潜在溢价现象尚未得到充分研究。本研究旨在探讨绿色债券发行定价的主要驱动因素，并分析其是否存在显著溢价及其背后的影响机制。绿色债券的发行定价受到发行人信用评级、债券期限、市场流动性以及环境效益透明度等多重因素的综合影响。此外，相较于传统债券，绿色债券在特定条件下确实存在一定的溢价效应，这种溢价主要源于投资者对环境友好型资产的偏好以及政策激励的作用。本研究的创新点在于首次将环境效益量化指标纳入定价分析框架，并揭示了信息透明度对溢价形成的中介效应。这一成果不仅丰富了绿色金融领域的理论研究，还为政策制定者优化绿色债券市场发展提供了实证依据，同时为企业合理评估绿色融资成本提供了参考。
关键词：绿色债券；发行定价；溢价效应；环境效益透明度；政策激励
Drivers of Green Bond Issuance Pricing and Premium Analysis
英文人名
Directive teacher:×××
Abstract
With the rapid development of the global green finance system, green bonds, as an important financing tool, have played a key role in promoting sustainable development and combating climate change. However, the issue pricing mechanism and its potential premium phenomenon have not been fully studied. The purpose of this study is to explore the main driving factors of green bond issuance pricing, and analyze whether there is a significant premium and the influencing mechanism behind it. The pricing of green bonds is affected by the issuer's credit rating, bond maturity, market liquidity and transparency of environmental benefits. In addition, compared with traditional bonds, green bonds do have a certain premium effect under certain conditions, which is mainly due to investors' preference for environmentally friendly assets and the effect of policy incentives. The innovation of this study is that the quantitative environmental benefit index is included in the pricing analysis fr amework for the first time, and the mediating effect of information transparency on the formation of premium is revealed. This achievement not only enrichis the theoretical research in the field of green finance, but also provides an empirical basis for policy makers to optimize the development of the green bond market, and provides a reference for enterprises to reasonably evaluate the cost of green financing.
Keywords: Green Bond；Issuance Pricing；Premium Effect；Environmental Benefit Transparency；Policy Incentive
目 录
引言 1
一、绿色债券定价的理论基础 1
(一)绿色债券的基本概念 1
(二)定价理论与方法综述 2
(三)驱动因素的理论框架 2
二、发行定价的主要驱动因素分析 3
(一)市场环境对定价的影响 3
(二)发行人信用水平的作用 3
(三)投资者偏好与绿色属性溢价 4
三、绿色债券溢价的形成机制研究 5
(一)溢价定义与衡量方法 5
(二)环境效益对溢价的影响 5
(三)政策支持与溢价关系 6
四、实证分析与案例研究 6
(一)数据选取与模型构建 6
(二)驱动因素的实证检验 7
(三)溢价现象的案例解析 7
结论 8
参考文献 9
致谢 9
