Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis
Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis
复制标题
DOI：
10.3390/jrfm13060126
复制
发表时间：
2020-06-01
影响因子：
--
通讯作者：
Rasoulinezhad, Ehsan
中科院分区：
文献类型：
--
作者：
Chuc Anh Tu;Sarker, Tapan;Rasoulinezhad, Ehsan
扩大绿色债券市场作为降低环境污染的适当途径是学者们争论最多的问题之一。然而，这个市场的扩张不是一件简单的事情，取决于几个因素。本研究的主要目的是利用层次分析法（AHP）进行多维度分析，找出影响绿色债券市场发展的因素并进行排序。作为一个案例，我们对越南进行了分析，越南自过去几年以来一直试图扩大绿色债券市场，作为一个有效的投资渠道，为低碳项目融资。主要研究结果显示，法律的基础设施、绿色债券的官方利率和经济稳定性是直接影响绿色债券市场扩张的最重要因素。因此，政策制定者应处理经济和法律的要求。作为主要的政策含义，我们建议绿色债券价格合理，提高经济和金融稳定性，以加快绿色债券市场的发展。
Expansion of green bond markets as an appropriate way to lower environmental pollution is one of the most debatable issues among scholars. However, the expansion of this market is not a simple matter and depends on several factors. The main purpose of this study is to carry out a multi-dimensional analysis using the analytic hierarchy process (AHP) method to find and prioritize factors influencing the development of green bond markets. As a case, we do our analysis for Vietnam that, since the last years, has been trying to expand green bond market as an effective investment channel to finance low-carbon projects. The main findings revealed that legal infrastructure, official interest rate of green bonds, and economic stability are the most important factors directly affecting green bond market expansion. Therefore, economic and legal requirements should be addressed by policy makers. As major policy implications, we recommend an affordable price of green bonds and improvement of economic and financial stability to accelerate the development of green bond markets.