绿色债券理论与中国市场发展分析  

Green Bond Theory and Development Analysis in China Market

作　　者：巴曙松[1,2,3,4] 丛钰佳 朱伟豪 BA Shu-song;CONG Yu-jia;ZHU Wei-hao(HSBC Business School,Peking University,Shenzhen 518055,China;HSBC Financial Research Institute,Peking University,Beijing,100871;China Banking Association,Beijing 100033,China;Hong Kong Exchanges and Clearing Limited,Hong Kong 999077,China)

机构地区：[1]北京大学汇丰商学院,广东深圳518055 [2]北京大学汇丰金融研究院,北京100871 [3]中国银行业协会,北京100033 [4]香港交易所,香港999077

出　　处：《杭州师范大学学报（社会科学版）》2019年第1期91-106,共16页Journal of Hangzhou Normal University(Humanities and Social Sciences)

摘　　要：2008年世界银行与瑞典北欧斯安银行联合发行了首只明确以绿色债券命名的债券,2016年中国开始发行绿色债券并于当年成为全球最大的绿色债券发行国。利用效用最大化模型分析了绿色债券环境外部性和政策对发债主体、投资人和政府的影响,并以中国绿色债券发行数据进行验证,可以得出中国绿色债券迅速发展的原因:中国具有自上而下推进的国家标准、发行便利性高、国企推动政策执行以及融资偏好差异。同时,中国绿色债券迅速发展中存在不同债种要求复杂、多层监管、信息披露不规范的潜在问题,且存在地方政府政策不均衡的现象。因此,需要明确和调整不同种类绿色债券的具体准入标准,统一信息披露要求,并对风险进行严格控制,在执行层面可通过降低税率、价格补贴、政府采购、贴息等政策提高企业和投资者的积极性。This paper traces the development of the green bond market in China and abroad. Through a comprehensive comparison of the research on green bonds in Chinese and foreign literatures, we could find that foreign countries still hold a prudent attitude towards the concept of green bonds and the research on green bonds is inclined to technical analysis, while in China, it is mainly based on fundamental analysis and the research depth is relatively shallow. This paper theorizes the influence of environmental externalities and policies on issuers, investors and governments by building utility maximization model, and then puts forward improvement suggestions from the policy guidance of central ministries and the policy implementation of local governments on the existing problems of policies. In addition, this paper conducts an in-depth analysis of the reasons for the rapid development of China s green bonds, which is mainly summarized in four aspects:China s national standards are promoted from top to bottom, and foreign countries are mainly industry self-discipline organizations, with policies providing assistance;the convenience of issuance is high;the promotion of policy implementation by state-owned enterprises;and differences between Chinese and foreign financing preferences.

关 键 词：绿色债券 绿色金融 

分 类 号：F832.5[经济管理—金融学]