Using survey evidence from European asset managers, we provide insights into their green bond investment activities and the factors that affect their investment decisions. We find that the majority of investors are actively invested in the green bond market via a variety of investment channels. Investors prefer green bonds issued from corporate issuers and sovereigns and we find that there is strong unmet investor demand for green bonds from these issuer types, in particular from non-financial corporates in the industrials, automotive and utilities sectors. Competitive pricing and strong green credentials, both pre- and post-issuance, are the most frequently named factors impacting respondents' decision to invest in a green bond, and unclear and poor reporting on how bond proceeds are allocated to green projects induces a majority of investors to not invest in a green bond or to sell a bond if already included in the portfolio. Among policy measures to grow the green bond market, preferential capital treatment for low-carbon assets and minimum standards for green definitions receive the highest investor support, but respondents are divided whether a strict definition of ‘green’ or a less strict definition would be more beneficial for scaling up the green bond market.

利用欧洲资产管理公司的调查证据，我们可以洞悉他们的绿色债券投资活动以及影响其投资决策的因素。我们发现，大多数投资者通过各种投资渠道积极投资于绿色债券市场。投资者更喜欢从公司发行人和主权国家发行的绿色债券，我们发现投资者对这些发行人类型的绿色债券存在强烈的未满足需求，特别是工业，汽车和公用事业领域的非金融公司。发行前和发行后，具有竞争力的价格和强大的绿色资历是影响受访者决定投资绿色债券的最常见因素，关于如何将债券收益分配给绿色项目的报告不明确和不完善，导致大多数投资者不投资绿色债券或出售已包含在投资组合中的债券。在发展绿色债券市场的政策措施中，对低碳资产的优惠资本待遇和对绿色定义的最低标准获得了最高的投资者支持，但对“绿色”的严格定义还是对“绿色”的定义更为严格，受访者存在分歧。有利于扩大绿色债券市场。