The aim of this research is to amend traditional theories on bond pricing with additional determinants specific to green bonds. We introduce a new term, ‘green bond transparency’, and apply panel data analysis to EU government green bonds. Bonds that aim to finance a specific project are considered transparent, while they are classified as non-transparent if the proceeds are used to finance a range of projects or their use is to be determined later. We empirically confirm the significant effect of transparency on green bond yields. The practical implication of the findings is the creation of a foundation for issuing green bonds under more favorable financing conditions.

本研究的目的是用特定于绿色债券的额外决定因素来修正传统的债券定价理论。我们引入了一个新术语“绿色债券透明度”，并将面板数据分析应用于欧盟政府绿色债券。旨在为特定项目融资的债券被认为是透明的，而如果收益用于资助一系列项目或它们的用途将在以后确定，则它们被归类为不透明。我们凭经验证实了透明度对绿色债券收益率的显着影响。研究结果的实际意义是为在更有利的融资条件下发行绿色债券奠定了基础。