社会责任债券支持疫情防控:国际经验与中国实践

Social Responsibility Bonds Support Epidemic Prevention and Control:International Experience and China′s Practice

金融是多面向工具,社会责任债券兼及私利和公益,其以市场化运作方式将资金严格导向于特定问题的集中纾解,在疫情防控背景下,能有效契合提升企业社会声誉、丰富投资者选择空间、补充政府应急资金缺口等多重需求。国际上,社会责任债券由市场自发,已形成“内部原则+外向审查”的“自下而上”的双重约束机制,运作规范有序。新冠肺炎爆发后,政府主导性的“自上而下”的中国特色社会责任债券——疫情防控债应时而生,但存在监管多头离散、资金用途模糊、债券挂名贴标、风险揭示不足等问题。为更好地发挥债券支持疫情防控的功用,我国应积极对标国际原则,从软法原则与硬法规范的深度融合、内部主体与外部中介的协同分工、税费激励和监管约束的双重保障层面进行全方位的本土化完善。

Finance is a multi-faceted tool.Social responsibility bonds combine private interests and public welfare.With market-oriented operation,funds are strictly directed to the centralized relief of specific problems.In the context of epidemic prevention and control,it can effectively meet the multiple needs of improving corporate social reputation,enriching investors′choice space,and supplementing the government′s emergency funding gap.Internationally,social responsibility bonds are spontaneous from the market,and have formed a“bottom-up”dual restraint mechanism of“internal principles+external review”,and its operation is standardized and orderly.After COVID-19 erupted,the government led“top-down”Chinese characteristic social responsibility bonds,epidemic prevention and control bonds,should be born.But there are many problems such as the supervision of the multi-purpose dispersion,the unclear use of funds,the nominal labeling of bonds,and the lack of risk disclosure.In order to give full play to the function of bonds to support epidemic prevention and control,China should actively benchmark the international principles,from the deep integration of soft law principles and hard law norms,the collaborative division of labor between internal subjects and external intermediaries,and the dual guarantee of tax incentives and regulatory constraints.