我国绿色债券环境信息披露水平及其影响因素分析

Study on the Influencing Factors of Environmental Information Disclosure Level of Green Bonds in China

在不断加强生态文明建设的新时代,绿色债券是我国实现绿色经济转型的重要融资渠道。文章通过对我国不同监管机构所发布的关于绿色债券环境信息披露规定进行疏理,构建了绿色债券环境信息披露影响因素指标评价体系,运用内容分析法和熵模型测算我国绿色债券环境信息披露水平。研究发现,我国绿色债券的环境信息整体披露水平较高,但定性叙述占据较大比重,对于绿色产业项目环境效益指标等定量分析的内容披露过于笼统。绿色债券环境信息披露是投资者作出投资决策的重要参考,也是监管部门确保绿色债券市场健康运行的重要监管模式,而绿色债券环境信息披露水平是确保整个绿色债券市场良性运行的关键。为解决绿色金融信息不对称问题、完善我国绿色债券市场运行机制,文章以我国上市公司2016?2019年发行的绿色债券为样本,从企业自身特征和企业利益相关者两个角度分析绿色债券环境信息披露的影响因素。研究结果表明:公司规模、盈利能力、财务杠杆、控股股东的性质以及第三方认证对于绿色债券环境信息披露水平具有正向影响。在此基础上,提出提高我国绿色债券环境信息披露水平的针对性建议,以期促进我国绿色债券市场健康稳定发展,助推中国经济绿色发展。

In the new era of continuously strengthening the construction of ecological civilization, green bonds is an important financing channel for our country to realize the transformation of the green economy. This paper organized the environmental information disclosure regulations of green bonds issued by different regulatory agencies in our country, constructed a green bond environmental information disclosure factors indicator evaluation system, the content analysis method and entropy model were used to measure the environmental information disclosure level of our country’s green bonds. The research results showed that: the overall level of environmental information disclosure of green bonds in my country is relatively high, but the disclosure of qualitative analysis content occupies a large proportion, and the quantitative analysis content of environmental benefit indicators of green industry projects is too general. The environmental information disclosure of green bonds is an important reference for investors to make investment decisions, and it is also an important supervision method for the regulatory authorities to ensure the healthy operation of the green bond market. Therefore, the research on environmental information disclosure of green bonds is crucial. In order to solve the problem of green financial information asymmetry and improve the operating mechanism of our country’s green bond market, this article took the green bonds issued by listed companies in our country in 2016-2019 as a sample, and analyzed the influencing factors of green bond environmental information disclosure from the perspectives of the company’s own characteristics and corporate stakeholders. The research results showed that: company size, profitability, financial leverage, nature of controlling shareholders, and third-party certification has a positive impact on the environmental information disclosure level of green bonds. On this basis, it put forward targeted suggestions to improve the environmental information disclosure level of our country’s green bonds, with a view to promoting the healthy and stable development of our country’s green bond market, promoting the green development of China’s economy.