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Review of Business and Economics Studies

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Практическая жизнеспособность зеленых облигаций и экономические выгоды

https://doi.org/10.26794/2308-944X-2021-9-1-62-83

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Аннотация

Зеленые, или «климатические», облигации часто рассматриваются в качестве финансового инструмента, который способен преодолеть отказ от зеленых инвестиций. В статье представлены результаты исследования потенциального вклада и роли зеленых облигаций, связанных с переходом к низкоуглеродным технологиям, а также выгоды корпоративного сектора. Рынок зеленых облигаций находится под постоянным контролем с момента их появления в 2007 г. С течением времени значение их воздействия в борьбе с изменением климата постоянно растет, что можно рассматривать как аргумент в пользу инвестирования в зеленые облигации. Используя критерии соответствия и выполнив многомерную регрессию OLS, автор задался целью проверить, отличается ли цена зеленой облигации от цены обычных. Результат показывает, что зеленые облигации дешевле обычных с премией 1,93–2,24%, что согласуется с предыдущими исследованиями по этой теме. Используя выборку из 200 корпоративных зеленых облигаций, выпущенных после Парижского соглашения (с декабря 2015 по декабрь 2019 г.), автор с помощью теста CAR документально подтвердил, что фондовый рынок положительно реагирует на объявления о зеленых облигациях. Полученные в ходе исследования результаты предполагают, что, возможно, зеленые облигации работают хорошо с экономической точки зрения, но все еще далеки от достижения своей практической цели.

Об авторе

А. Кант
Durham University Business School
Великобритания


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Для цитирования:


Кант А. Практическая жизнеспособность зеленых облигаций и экономические выгоды. Review of Business and Economics Studies. 2021;9(1):62-83. https://doi.org/10.26794/2308-944X-2021-9-1-62-83

For citation:


Kant A. Practical Vitality of Green Bonds and Economic Benefits. Review of Business and Economics Studies. 2021;9(1):62-83. (In Russ.) https://doi.org/10.26794/2308-944X-2021-9-1-62-83

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ISSN 2308-944X (Print)