中国绿色公司债券的制度挑战与改进

The Challenge to Green Corporate Bond System in China and Its Improvement

国际经验表明,利用债券工具引导公司融资服务于绿色产业已成为趋势,需要建立一套行之有效的绿色项目分类与认证、专项资金管理和信息披露制度予以保障。中国已开启绿色公司债券的实践,但作为一个新兴市场,既存在缺失有力的优惠政策助力市场发展的不足,也面临传统公司债券制度难以匹配绿色债券规范要求的挑战。为此,需要调和公司债券的监管机制和改进公司债券规则,做好"促绿"优惠与"洗绿"制裁的制度平衡,才能构建一个健康的与国际接轨的中国绿色公司债券市场。

It is indicated by global experiences that using corporate bonds guiding corporates to finance in order to serve the green industries. However, in order to do so, it is required to set up an effective classification and authentication system and a scheme of dedicated fund management and information disclosure is also necessary. China has already commenced on its practice of green corporate bonds. However, as an emerging market, the lack of strong marketing policies and the mis-match of regulatory requirements between traditional corporate and green corporate bonds are problems to be attended to. To achieve that, the paper suggests that reconciling the regulation mechanism, improving the corporate bond rules and maintaining a balance among policies would be the ways to construct a healthy and international green corporate bond market in China.