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

Guoquan Xu, Nuotian Lu, Yan Tong*

*此作品的通讯作者

    科研成果: 期刊稿件文章同行评审

    48 引用 (Scopus)

    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.

    源语言英语
    文章编号102927
    期刊Finance Research Letters
    48
    DOI
    出版状态已出版 - 8月 2022

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