Greenwashing and credit spread: Evidence from the Chinese green bond market

被引：50
|
作者：
Xu, Guoquan [1 ]
Lu, Nuotian [2 ]
Tong, Yan [2 ]
机构：
[1] Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
[2] Beijing Inst Technol, Sch Management & Econ, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2022年 / 48卷
基金：
中国国家自然科学基金;
关键词：
Greenwashing; Credit spread; Green bond; ESG; Fixed income securities; LIQUIDITY RISK; DEBT; COST;
D O I：
10.1016/j.frl.2022.102927
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study analyzes how greenwashing affects green bond (GB) pricing. With a unique dataset, we empirically find that greenwashing does exist in the Chinese GB market, leading to higher credit spread compared to that of traditional bonds. However, green bonds with third-party certification have lower credit spread. Furthermore, the heterogeneity of trading venues and issuer ESG performance results in differential effects of third-party certification on GB credit spread. These findings enrich the understanding of green bond pricing and shed light on the development of the GB market.
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页数：6
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