Green bonds pricing issues

Научно-технические ведомости СПбГПУ: Экономические науки

Malevskaia-Malevich Ekaterina¹ 

[1] Peter the Great St. Petersburg Polytechnic University;

关键词: green bonds;    sustainable development concept;    pricing;    goodwill;    company value;   

DOI  :  10.18721/JE.14106

来源: DOAJ

【 摘 要 】

This article examines a relatively new source of financing for the Russian market for enterprises implementing so-called “green” innovations. Green bonds are an innovative source of financing that opens up new opportunities for attracting long-term capital to achieve sustainable growth for Russian enterprises. The article provides a definition of the concept of "green" bonds, provides statistics on the volume of world issue, as well as the results of emissions of Russian companies. The analysis of literary sources on the research topic is given. The main advantages of this source of financing are formulated, namely, "green" focus, additional potential for growth of enterprises, the possibility of issuing perpetual issues, as well as bonds with a floating coupon. The article substantiates that due to the issue of "green" bonds, the company receives an additional source of financing for its growth, which is important in the context of the general economic downturn. As an additional advantage for enterprises that generate an increment in the company's market value, the author notes the reputation factor of the emission of "green" bonds. In view of the fact that the transition to green, resource-saving technologies, conscious consumption, and lean innovation is a stable global trend - "green" bonds improve the business reputation of the issuing company, as well as the investor purchasing such a security. All of these factors can offset the increased risk of green innovation - projects for which this specific source of capital is intended to finance. The article presents a pricing model for "green" bonds, taking into account the specifics of this funding source. In the conclusion, conclusions are drawn about the current state of the market for corporate "green" bonds in Russia, the main directions of its future development are formulated, as well as the problems that hinder this. The article is devoted to the study of "green" bonds as a source of financing for enterprises implementing green innovation. The object of research is "green" bonds, items - their pricing. The aim of the study is to formulate a pricing model for "green" bonds, as well as the prospects for this source of funding in the Russian securities market.

【 授权许可】

Unknown