陈昆;孙秀冰;朱雪纯;

• 1:南京审计大学金融学院

摘要：

绿色债券作为绿色金融的重要组成部分，其发行定价受到越来越多学者的关注。从信用等级出发，选取绿色债券相关数据，创建多元回归模型，研究信用风险对于绿色债券发行产生的影响发现：绿色债券的信用等级高低对其发行利率有着显著的影响；绿色债券市场中信用评级结果越好，发行的绿色债券融资成本相对更低，而且债券附加特性、发行规模期限等均对绿色债券利率产生影响。

关键词： 绿色债券;发行定价;信用评级

Abstract: As an important part of green finance, the issue and pricing of green bond has attracted more and more scholars' attention. Starting from the credit rating, the relevant data of green bond was selected to establish a multiple regression model, and to study the impact of credit risk on the issuance of green bond. It is found that the credit rating of green bond has a significant impact on its issuance interest rate. In the green bond market, the better the credit rating results, the lower the financing cost of green bond issued, and the additional characteristics of bond, issuance scale and term all have an impact on the interest rate of green bond.

Keywords: green bond;issue pricing;credit rating

基金项目: 国家社科基金项目“互联网金融风险的动力学演化与审计治理研究”（19FJYB048）;; 江苏省高校优势学科三期南京审计大学应用经济学(苏政办发[2018]87号)

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