Greenwashing Risk and the Pricing of Corporate Green Bond ——The Moderating Role of Digital ESG Disclosure

Du Liuning

Hebei University of Economics and Business

Abstract：

Against the background of global carbon-neutrality goals, corporate green bonds have become a vital financing instrument for sustainable development. Nevertheless, the prevalence of greenwashing behaviour undermines market confidence and distorts green bond pricing efficiency. This paper explores how greenwashing risk affects corporate green bond pricing, and further investigates the moderating effect of digital ESG disclosure on such relationship. Based on signalling theory and information asymmetry theory, this study argues that higher greenwashing risk raises bond yield spreads because investors demand additional risk compensation. Digital ESG disclosure, characterised by traceability, real-time update and machine-readable information, can alleviate information friction, weaken the positive correlation between greenwashing risk and yield spread, and improve the credibility of green bond issuers. Although digital ESG disclosure cannot fully eliminate greenwashing, it strengthens external monitoring and reduces information opacity. This paper puts forward suggestions for issuers, investors and regulators to improve the operational quality of the green bond market.

Key Words：

greenwashing risk; green bond pricing; digital ESG disclosure; moderating effect; information asymmetry