ManagementESG与可持续发展 / ESG & SustainabilityTop 5%

Green Bond Pricing and Environmental Performance: A Global Analysis

Flammer C., Giroux T., Heal G.Columbia Business SchoolManagement Science(MS)2025-09

Abstract

We examine the pricing of green bonds globally and investigate whether the green bond premium (greenium) reflects genuine environmental performance or mere greenwashing. Using a comprehensive dataset of 15,000 green bonds issued across 60 countries, we find that the greenium is positively associated with third-party environmental certification and measurable emissions reductions, suggesting that bond markets effectively price environmental credibility.

AI SUMMARY

GENERATED

核心观点Key Findings

绿色债券溢价(greenium)与第三方环境认证和可衡量的减排成果正相关，表明债券市场能有效区分真实的环境承诺和绿色洗白行为。

研究方法Methodology

使用覆盖60个国家15,000只绿色债券的综合数据集，通过匹配分析比较绿色债券与同等传统债券的定价差异，并分析greenium与环境绩效指标的关系。

主要结论Conclusions

绿色债券市场具有有效的信息甄别功能。加强第三方认证和环境绩效披露有助于进一步发展绿色债券市场，打击绿色洗白。

关键词 Keywords

绿色债券greenium环境绩效绿色洗白可持续金融

论文信息

METADATA

期刊Management Science

期刊缩写MS

发表日期2025-09

学科管理学 (Management)

子领域ESG与可持续发展 / ESG & Sustainability

机构Columbia Business School

排名Top 5%

引用格式

CITATION

Flammer, C., Giroux, T., Heal, G. (2025). Green Bond Pricing and Environmental Performance: A Global Analysis. *Management Science*.

Green Bond Pricing and Environmental Performance: A Global Analysis

Abstract

论文信息

引用格式

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