Greenium in the Chinese corporate bond market |
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| Institution: | 1. School of Economics, Finance and Marketing, RMIT University, Melbourne, Australia;2. CITIC Securities Co., Ltd, China;1. Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China;2. Research Institute of Economics and Management, Collaborative Innovation Center of Financial Security, Southwestern University of Finance and Economics, Chengdu, China;1. School of Management, China Institute for Studies in Energy Policy, Xiamen University, Fujian, 361005, China.;2. Department of Management, Coggin College of Business, University of North Florida, Jacksonville, FL 32224, USA |
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| Abstract: | This paper explores the pricing implications of green bonds in the Chinese corporate bond market. We document a large greenium in the Chinese green bond market, whereby green bonds are issued at lower offering yield spreads in the primary market and traded at lower yields in the secondary market. The magnitude of the Chinese greenium is substantially greater than other international green bond markets. Exploring the underlying mechanisms, we document convincing evidence that mitigation of information asymmetry and exposure to salient environmental stimuli such as air pollution are plausible explanations of the greenium. |
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