As global climate and sustainable challenges gain more attention, green finance has emerged as a significant focus of worldwide financial reform, with green bonds serving as a key indicator. Retail investors, as an important part of the financial market, have a significant impact on the development of green finance through their investment willingness. This study aims to explore the influencing factors and mechanisms on the investment willingness of China retail investors towards green bonds. Based on empirical analysis of data from 2219 valid respondents in China, carried out using the SEM method, the results suggest that perceived usefulness (PU), investment literacy (IL), and information transparency (IT) all positively influence retail investors’ willingness to invest in green bonds. Additionally, PU, IL, and IT contribute to fostering an open attitude toward change (OATC) among retail investors, which, in turn, significantly promotes their investment willingness. This study also identifies the mediation effect of OATC. The findings provide both theoretical and practical insights to promote the development of green finance, enhance market activity, and support policy frameworks.
Zhibin Tao (Wed,) studied this question.