会计学院知识库

  绿色债券是具备经济和环保双重属性的新型融资工具，往往要求发行企业遵循更高的环境信息披露标准。我国绿色债券市场起步较晚，尚未强制要求发行企业在债券存续期披露相关信息，导致绿色债券市场信息披露质量参差不齐，影响了投资者对风险的预估和对收益的预期。绿色披露溢价，作为发行企业信息披露质量参差不齐的最直接结果，围绕其真实存在性及其影响因素展开研究，关乎到我国绿色债券市场及其信息披露制度的完善，进而有助于缓解投融资双方信息不对称的问题，对我国经济高质量发展和企业绿色转型意义重大。

  基于此，本文以环境信息披露质量和第三方披露认证为研究视角，在2016-2022 年间我国境内发行的绿色债券中，选取了在存续期内披露了环境信息的 361 只作为研究样本，将其与 489 只未披露环境信息的绿色债券进行对比，验证绿色披露溢价是否存在，以及环境信息披露质量和第三方披露认证是否为主要影响因素。结果表明：第一，绿色披露溢价在我国绿色债券市场中真实存在。在存续期内披露了环境信息的绿色债券组，其信用利差比未披露环境信息对比组低13.7%。第二，环境信息披露质量和第三方披露认证是绿色披露溢价的主要影响因素。存续期内披露了环境信息且信息质量较高的绿色债券组，其信用利差显著低于对比组 4%；同时，进行了第三方披露认证的绿色债券组，其信用利差显著低于对比组 27.8%。第三，国有企业、非污染行业和中西部地区对绿色披露溢价存在抑制作用，即相较于非国有、或处于污染行业和东部地区的发行企业，国有企业、处于非污染行业和中西部地区的企业，其所发行的绿色债券的绿色披露溢价更为明显。

  基于分析结果，本文提出，发行绿色债券的企业需重视绿色披露溢价的存在，构建行之有效的绿色环境信息披露管理机制，切实提升环境信息披露质量，并积极获取第三方权威机构的披露认证；同时，债权人需密切关注企业所披露的环境信息，利用绿色债券存续期环境信息披露报告和第三方披露认证报告以规避信息 不对称可能带来的劣势，减少不必要的损失；此外，监管机构需不断完善环境信息强制披露制度，构建环境信息披露平台，加强对绿色债券存续期环境信息披露的监管。

    Green bond is a new financing tool with both economic and environmental properties, and often requires issuing enterprises to comply with higher environmental information disclosure standards. China's green bond market started late and has not yet forced issuers to disclose relevant information in the bond duration, resulting in uneven quality of information disclosure in the green bond market, which affects investors' risk estimation and income expectations. Green disclosure premium, as the most direct result of the uneven quality of information disclosure of issuing enterprises, researches on its real existence and influencing factors are related to enhancing China's market for eco-friendly bonds and the transparency of its information sharing mechanisms, which will help alleviate the problem of information asymmetry between investors and financiers, and is of great significance to the high-quality development of China's economy and the green transformation of enterprises.

    Based on this, this paper takes the caliber of environmental data revelation and certification by an independent third party as the research perspective. Among the green bonds issued in China from 2016 to 2022, 361 green bonds that have disclosed environmental information duringtheir duration are selected as research samples and compared with 489 green bonds that have not disclosed nvironmental data. Verify whether the green disclosure premium exists, and whether the caliber of environmental data revelation and certification by an independent third party are the main influencing factors. The results show that: First, the green disclosure premium really exists in China's green bond market. The credit spread of the green bond group that disclosed environmental information during its duration was 13.7% lower than that of the control group that did not disclose ecological information. Second, the caliber of environmental data revelation and certification by an independent third party are the main influencing factors of green disclosure premium. The credit spread of the green bond group that disclosed environmental information and the information quality was significantly lower than that of the comparison group by 4%; At the same time, the green bond group with third-party disclosure certification had a significantly lower credit spread than the comparison group of 27.8%. Third, government-owned corporations, eco-friendly sectors and inland and mid-western areas have an inhibitory effect on green disclosure premium, that is, compared with non-state-owned enterprises or enterprises in polluting industries and eastern regions, enterprises in government-owned corporations, eco-friendly sectors and enterprises in inland and mid-western areas, their green disclosure premium is more obvious.