债券发行环保效应、绿色债券评级准确度与评级机制的监管效果--基于两种评级机制的比较研究  

The Regulatory Effects of Environmental Impact of Bond Issuance,Green Bond Rating Accuracy,and Rating Mechanisms:A Comparative Study Based on Two Rating Mechanisms

作　　者：周香芸 张露平 王慧玲 ZHOU Xiangyun;ZHANG Luping;WANG Huiling(Shenzhen Institute of Information Technology;University of Electronic Science and Technology of China)

机构地区：[1]深圳信息职业技术学院 [2]电子科技大学

出　　处：《金融经济》2024年第2期6-17,共12页Finance Economy

基　　金：2022年度广东省普通高校青年创新人才类项目“‘大数据+金融计量’科技创新下广东省企业债券评级监管机制评价效果研究”(2022WQNCX205);2022年度广东省普通高校特色创新类项目“智能医疗设备对慢病患者的健康水平的影响”(2022WTSCX266);深圳市教育科学“十四五”规划2022年度课题(项目编号:dwzz22157)。

摘　　要：绿色债券发行效应对绿色债券评级机制的监管效果具有重要影响,如果监管效果不能充分发挥,不仅容易使投资者做出错误投资决策,还易诱发“洗绿”“漂绿”行为。根据国内外绿色债券评级认证实际情况,本文提出双评级机制和综合一体化评级机制的设想。引入绿色债券总评级准确度、信用评级准确度、绿色评级准确度、绿色债券的发行效应、评级信息收集成本等影响因素,构建差异性Hotelling模型,探讨在不考虑绿色债券发行效应和考虑绿色债券发行效应两种情形下,双评级机制和综合一体化评级机制的监管有效性,并利用数值仿真技术比较两种评级机制的监管效果。研究表明,发行绿色债券的环保效应对评级机制监管效果有正向影响。信用评级监管部门应根据绿色债券发行效应选择适当的评级机制,从而有效提高评级机制的监管效果;当不同评级机制下绿色债券评级准确度达到均衡状态时,可以考虑要求评级机构将绿色因素纳入信用评级考评指标,形成综合一体化评级机制,从而更好地发挥监管作用。The issuance effects of green bonds have significant impacts on the regulatory effectiveness of green bond rating mechanisms.If regulatory effects are not fully realized,it not only leads to erroneous investment decisions by investors but also risks inducing greenwashing behaviors.Drawing from the actual situation of green bond rating certification both domestically and internationally,this paper proposes the concept of dual rating mechanisms and comprehensive integrated rating mechanisms.By incorporating factors such as the overall accuracy of green bond ratings,credit rating accuracy,green rating accuracy,the issuance effects of green bonds,and the cost of rating information collection,a differential Hotelling model is constructed to explore the regulatory effectiveness of dual rating mechanisms and comprehensive integrated rating mechanisms under two scenarios:considering and not considering the issuance effects of green bonds.Numerical simulation techniques are utilized to compare the regulatory effects of these two rating mechanisms.The research indicates that the environmental impact of issuing green bonds has a positive influence on the regulatory effectiveness of rating mechanisms.Regulatory authorities for credit rating should select appropriate rating mechanisms based on the issuance effects of green bonds to effectively enhance the regulatory effectiveness of rating mechanisms.When the accuracy of green bond ratings reaches equilibrium under different rating mechanisms,it may be considered to require rating agencies to incorporate green factors into credit rating evaluation indicators,forming a comprehensive integrated rating mechanism to better fulfill regulatory roles.

关 键 词：双评级机制 综合一体化评级机制 发行效应 监管效果 差异性Hotelling模型 “漂绿”“洗绿” 

分 类 号：F832[经济管理—金融学]