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Financing environmentally-sustainable projects with green bonds

机译：拥有绿色债券的环境可持续项目

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Abstract A structural model for green bonds is developed to explain the formation and dynamics of green bond prices and to address the issue of the so-called ‘greenium’, that is, the difference between the yields on a conventional bond and a green bond with the same characteristics. We provide answers to the following questions: What are the determinants of the green bond value? Do green bonds enhance the credit quality of the issuer? Are green bonds a relatively cheap tool to fund sustainable investments? We also study the effect of investors' environmental concern on portfolio allocation. Our results have direct policy implications and suggest that an improvement in credit quality could ultimately lead to a lower cost of capital for green bond issuers and that governmental tax-based incentives and an increase in investors' green awareness play a significant role in scaling up the green bonds market.
机译：摘要制定了绿色债券的结构模型，以解释绿色债券价格的形成和动态，并解决所谓的“绿洲”问题，即传统债券的产量与绿色债券之间的差异相同的特点。我们提供以下问题的答案：绿键值的决定因素是什么？绿色债券是否提升了发行人的信用质量？绿色债券是资助可持续投资的相对便宜的工具吗？我们还研究了投资者对投资组合分配的环境问题的影响。我们的结果具有直接的政策影响，并提出了信贷质量的提高最终可能导致绿色债券发行人的资本成本较低，政府税收激励和投资者的绿色意识增加在扩大缩放方面发挥了重要作用绿色债券市场。

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