可持续金融工具创新与企业融资成本——基于转型类挂钩债券发行溢价的研究  

Innovation of Sustainable Financial Instruments and Corporate Financing Costs——A Study on the Issuance Premium of Transition-Linked Bonds

作　　者：王嘉祯 孔一羽 吴祯姝 WANG Jia-zhen;KONG Yi-yu;WU Zhen-shu

机构地区：[1]郑州大学商学院 [2]中央财经大学绿色金融国际研究院,北京100081

出　　处：《现代金融研究》2024年第11期36-46,共11页Journal of modern finance

基　　金：河南省重点研发与推广专项(软科学研究)项目“转型金融助推河南省高耗能行业低碳发展的研究”(232400411050)的资助。

摘　　要：本文对我国2021-2023年间发行的转型类挂钩债券的发行溢价进行了研究。结果表明,相较于普通债券,转型类挂钩债券可以降低18.48bps的发行利差。机制分析表明:发行人声誉、违约风险以及投资者需求偏好是影响债券发行溢价的有效渠道。调节效应研究表明:转型类挂钩债券的发行溢价与其特殊条款相关,主要受到债券关键绩效目标类型的影响而非债券结构特征的影响。异质性分析表明:转型类挂钩债券发行成本的优势在东部地区、绿色金融发展水平较高省份和非重污染企业中更为显著。This paper studies the issuance premium of transition-linked bonds issued between 2021 and 2023 in China.The study finds that companies issuing transition-linked bonds can reduce their bond financing costs by 18.48 basis points(bps).Mechanism analysis indicates that issuer reputation,default risk and investor demand preferences are effective chan-nels that influence bond issuance premiums.The moderating effect shows that this premium is related to the special terms of transition-linked bonds and is mainly influenced by the type of key performance targets of the bonds,rather than the structural characteristics of the bonds.Heterogeneity analysis results indicate that the cost advantage of issuing transition-linked bonds is more significant in the eastern regions,provinces with higher levels of green finance development,and non-heavily polluting enterprises.

关 键 词：转型类挂钩债券 融资成本 发行溢价 债券特殊条款 

分 类 号：F832.51[经济管理—金融学] F275