Econ Papers Daily / 期刊论文

ESG新闻情绪对绿色债券信用利差的影响：制度环境的作用

The impact of ESG news sentiment on green bond credit spreads: The role of institutional environment

Yilong Li, Yuqi Qiao, Yongjian Huang, Haonan Zhang

打开原文页面 DOI：10.1016/j.econmod.2026.107907

来源

Economic Modelling · 期刊论文

本站首次发现

2026-10-18 00:31

日期信息

Crossref 元数据日期 2026-10-17 · 来源：Crossref

主题

与中国相关环境与气候金融

摘要

This study investigates the impact of environmental, social, and governance (ESG) news sentiment on the premium of green financial instruments. This study contributes by providing systematic evidence on how ESG news sentiment functions as a form of soft information in green bond pricing. Using data from green bonds issued by Chinese A-share listed companies from 2016 to 2023, we employ a two-way fixed effects model to examine the effect of ESG news sentiment on credit spreads. Our analysis reveals that positive ESG news sentiment significantly compresses green bond credit spreads, and that green finance policies strengthen this effect. These findings offer new insights into the role of ESG narratives in the green finance market and provide implications for constructing a consistent review system for green information disclosure and ESG media coverage.

中文摘要

本研究考察环境、社会与治理（ESG）新闻情绪对绿色金融工具溢价的影响。本研究通过提供关于ESG新闻情绪如何作为软信息在绿色债券定价中发挥作用的系统性证据作出贡献。使用2016年至2023年中国A股上市公司发行的绿色债券数据，我们采用双向固定效应模型考察ESG新闻情绪对信用利差的影响。我们的分析表明，积极的ESG新闻情绪显著压缩绿色债券信用利差，且绿色金融政策强化了这一效应。这些发现为ESG叙事在绿色金融市场中的作用提供了新见解，并为构建绿色信息披露和ESG媒体报道的一致审查体系提供了启示。