Proceedings of the 2026 5th International Conference on Public Service, Economic Management and Sustainable Development (PESD 2026)

2026 5th International Conference on Public Service, Economic Management and Sustainable Development (PESD 2026)

📍Dali, China🗓️ 11-13 September 2026
<Previous Article In Volume
Next Article In Volume>

The Impact of Provincial Governments’ Focus on Green Development on Green Bond Credit Spreads

Authors
Xi Yan1, *
1Chinese University of Hong Kong, Hong Kong, China
*Corresponding author. Email: yanxixi0928@163.com
Corresponding Author
Xi Yan
Available Online 10 November 2026.
DOI
10.2991/978-94-6239-825-2_18How to use a DOI?
Keywords
Government attention to green development; green bonds; credit spreads; green innovation; environmental governance
Abstract

This study examines whether provincial governments’ attention to green development is reflected in the credit-risk pricing of green bonds. The sample covers 2,658 Chinese green bonds issued from 2016 to 2024. Using provincial government work reports from the Chinese Research Data Services (CNRDS) database, we construct an attention index with the entropy-weight method. The index covers environmental protection and improvement, pollution control, resource conservation, collaborative governance, ecological-civilization construction, and sustainable development. Year and industry fixed-effects estimates show that stronger government attention is associated with narrower green bond credit spreads. Green innovation and environmental penalties are two possible transmission channels. Environmental-governance investment strengthens the negative association, whereas greater local government financing vehicle (LGFV) bond issuance weakens it.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

<Previous Article In Volume
Next Article In Volume>
Volume Title
Proceedings of the 2026 5th International Conference on Public Service, Economic Management and Sustainable Development (PESD 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
10 November 2026
ISBN
978-94-6239-825-2
ISSN
2352-5428
DOI
10.2991/978-94-6239-825-2_18How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Xi Yan
PY  - 2026
DA  - 2026/11/10
TI  - The Impact of Provincial Governments’ Focus on Green Development on Green Bond Credit Spreads
BT  - Proceedings of the 2026 5th International Conference on Public Service, Economic Management and Sustainable Development (PESD 2026)
PB  - Atlantis Press
SP  - 187
EP  - 193
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-825-2_18
DO  - 10.2991/978-94-6239-825-2_18
ID  - Yan2026
ER  -