ESG框架下绿色市政债券信任风险的法律规制  

Legal Regulation of Trust Risks in Green Municipal Bonds under the ESG Framework

作　　者：孙煜华[1] SUN Yuhua

机构地区：[1]华东政法大学,上海201620

出　　处：《国际大都市发展研究(中英文)》2025年第1期40-57,共18页

摘　　要：在ESG(环境、社会和治理)理念的引领下,绿色市政债券作为绿色金融领域的关键融资工具,正面临信任风险挑战。风险主要源于资金挪用、项目包装、信息披露不足、第三方认证失实、政策利用等“漂绿”现象以及资金分配不公、社会影响考虑不足等不公正问题频发,严重侵蚀了绿色市政债券市场的信任基石。这些问题主要源于外部成本内部化的障碍,包括交易成本过高、产权界定不清、信息不对称、政府角色冲突、多方利益主体博弈以及法律制度不完善等。为应对这些挑战,建议通过立法强化法律规制并明确产权界定、提升信息披露透明度、优化政府角色和减少政策套利、强化第三方认证机构的独立性和专业性、促进利益主体之间的公平博弈、增强市场监管的独立性和法律执行力等,确保绿色市政债券市场健康发展。Under the guiding principles of ESG(environmental,social,and governance),green municipal bonds have emerged as pivotal instruments in channeling financial resources toward environmentally sustainable and socially responsible urban development.However,as their popularity has risen,so have concerns about their trust risks,which could undermine the credibility of these financial instruments.This study provides a comprehensive and theoretically grounded legal analysis of trust risks in green municipal bonds under the ESG framework,with a particular attention on the Chinese regulatory context and global best practices.Trust risks in this market arise primarily from the dual phenomena of"greenwashing"and"unfair allocation",which include the misappropriation of funds,deceptive project packaging,inadequate information disclosure,flawed third-party certification,and exploitation of policy ambiguity.The study argues that these risks do not merely reflect isolated incidents of misconduct,but are structurally embedded in systemic barriers to the internalization of externalities-a perspective drawn from the seminal work of Ronald Coase on transaction costs,property rights,and institutional efficiency.The paper's core innovation lies in integrating Coasean law-and-economics theory with ESG-driven regulatory frameworks to uncover the legal and institutional roots of trust failure.Specifically,it demonstrates how high transaction costs,ambiguous property rights,information asymmetry,conflicting governmental roles,stakeholder power imbalances,and legal system deficiencies collectively hinder the internalization of environmental and social costs.By mapping these structural barriers,the study moves beyond superficial criticisms of the green bond market to diagnose the deeper legal-economic pathologies that undermines trust in the market.Through a comparative legal analysis of Shanghai,New York,Paris,Tokyo,and Hong Kong,this paper proposes a multidimensional regulatory response.First,enact robust legislation to clarify green project

关 键 词：ESG 绿色市政债券 法律规制 

分 类 号：D922.28[政治法律—经济法学]