Graduate School of Humanities and Social Sciences, Saitama University, 255 Shimo-Okubo, Sakura-ku, Saitama, 338-8570, Japan.
J Environ Manage. 2024 Jul;364:121458. doi: 10.1016/j.jenvman.2024.121458. Epub 2024 Jun 13.
This study explores whether investors' willingness to invest returns (WTIR) differs across environmental and sustainability bonds (ESBs) with varying scopes. Employing the double-bound dichotomous choice contingent valuation method (DBDC-CVM), the research surveyed Japanese retail investors to estimate their average levels of WTIR for green, sustainability, and blue bonds, respectively. The study discovered that investors are willing to invest in bonds with a stronger environmental focus such as green and blue bonds at a lower return rate, in contrast to sustainability bonds that address broader social issues. This suggests the importance for issuers of ESBs to clarify the specific focus of the bonds when promoting investment in such securities. Moreover, knowledge of ESBs can increase the WTIR, highlighting the need for policies aimed at enhancing information dissemination. Additionally, the levels of social responsibility and altruism among investors can increase the WTIR, emphasizing the significance of environmental and sustainability education. This underscores the significance of educating individuals to foster greater interest in environmental and social issues, cultivating a mindset that extends to caring about the well-being of others.
这项研究探讨了投资者对于不同范畴的环境和可持续债券（ESB）的投资回报意愿（WTIR）是否存在差异。本研究采用双重边界二分选择意愿评估法（DBDC-CVM），对日本的零售投资者进行了调查，以分别估计他们对绿色、可持续和蓝色债券的平均 WTIR。研究发现，投资者愿意以较低的回报率投资于绿色和蓝色等更注重环境的债券，而不是投资于解决更广泛社会问题的可持续债券。这表明 ESB 发行人在推广此类证券投资时，明确债券的具体重点非常重要。此外，投资者对 ESB 的了解程度可以提高 WTIR，这凸显了增强信息传播政策的必要性。此外，投资者的社会责任和利他主义水平可以提高 WTIR，这强调了进行环境和可持续教育的重要性。这表明，通过教育来培养人们对环境和社会问题的更大兴趣，培养关心他人福祉的心态非常重要。
