绿色债券的规范反思与制度完善

Reflections on Green Bond Regulations and System Improvement

政府对绿色产业的激励措施中,绿色金融是能够通过较小政府资本投入撬动较大社会资本以实现充分涌流的有效手段。本文以绿色债券制度为视角,对现行规范及绿色债券市场进行梳理与观察,发现当前我国绿色债券市场存在规范效力等级过低、制度体系碎片化、资格标准规定模糊以及惩戒措施缺乏等问题。结合我国绿色债券市场的特点,通过制度目的分析、社会效果考量、域外经验借鉴等方式对现行规范缺陷进行反思,并提出倡导“负责任投资”理念,完善制度效力等级与体系化,通过制度设计发挥绿色债券的环保性与盈利性,弱化风险性,以及建立违规行为惩戒制度等一系列完善建议。

Among the government's incentive measures for green industries,green finance is an effective means that can leverage larger social capital through smaller government capital investment to achieve sufficient influx.From the perspective of the green bond system,this paper combs and observes the current regulations and the green bond market,and finds that the current green bond market in China has problems such as low levels of regulatory effectiveness,fragmentation of the institutional system,vague qualification standards,and lack of disci⁃plinary measures.Combining with the characteristics of China's green bond market,this article reflects on the cur⁃rent regulations shortcomings through institutional purpose analysis,social effect considerations,and foreign expe⁃rience reference,and proposes to advocate the concept of"responsible investment",improve the level and system⁃atization of the effectiveness of the system,utilize the environmental protection and profitability of green bonds through system design,weaken the risk,and establish a punishment system for violations.