期刊
JOURNAL OF CLEANER PRODUCTION
卷 354, 期 -, 页码 -出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.jclepro.2022.131705
关键词
Green bonds; Driving factors; Mechanism; Structural equation model
资金
- Ministry of Finance Accounting Master Training Project, Ministry of Finance, China
- Humanities and Social Science Research Planning Fund Project, Ministry of Education, China
This study uses structural equation models to explain the driving factors and mechanism of China's green bond market growth. The findings suggest that the local economy and environmental governance have a larger impact on the market growth, followed by the institutional environment. Policy support, however, has a small and statistically insignificant impact. These results have practical implications for further promoting the development of the green bond market and building a green financial system.
Green bonds have developed rapidly, over a short period, in China's capital market, making it the world's largest green bond market. However, there is little empirical literature on China's green bond market growth drivers. This paper uses structural equation models to explain the driving factors and mechanism of the top-down development model of China's green bond market. The findings indicate that the local economy and environmental governance impacts growth more in the green bond market, followed by the institutional environment. In contrast, policy support impacts were small and statistically insignificant. Meanwhile, the effects of the local economy and environmental governance are direct, and the institutional environment indirectly promotes economic development. These results suggest that the local economy and institutional and environmental governance are the main driving factors for China's green bond market's rapid development and the reasons for unbalanced regional distribution. Overall, the findings have practical implications for further promoting the coordinated development of the green bond market and building a green financial system.
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