Research On Information Disclosure Of Green Bonds

Since the industrial revolution,with the rapid development of the global economy,human beings have been constantly demanding nature.A series of problems,such as climate warming,environmental pollution,energy depletion and so on,have been put in front of human beings.As the largest developing country in the world,the contradiction between economic development and environment is more prominent.How to achieve green development and improve the environment has become an urgent problem in China's current economic development.As the core of modern economic development,finance plays an important supporting role in the process of green development in China.Green development is inseparable from the support of green finance.To tap the potential of green financial market and guide the green capital market is an important way to promote green development and low-carbon transformation.Green bond,as one of the most important tools in the green financial system of our country,although started late,it has strong innovation and rapid development.Since the launch of China's green bond market in 2016,China has developed into one of the most important green bond issuers in the world.With the rapid development of green bonds,the regulatory requirements for information disclosure of green bonds are gradually increasing.To carry out green bond information disclosure is an important institutional guarantee to gradually improve the green investment and financing system,ensure sufficient and sustainable capital flow to the fields of pollution prevention and control,response to climate change and efficient use of resources,and thus improve environmental conditions.At present,there are still many problems in the information disclosure of green bonds in China,which cause some obstacles for the supervision of regulatory authorities,the subscription of investors and the recognition of green bonds by other market subjects.We need to supplement and improve the information disclosure system of green bonds,establish a systematic information disclosure index system of green bonds to guide the information disclosure of green bonds,and promote the healthy development of green bonds in China.In this thesis,first of all,the relevant research of green bonds and information disclosure is combed,and the related concepts of green bonds and the theoretical basis of information disclosure are introduced.Then through the summary of the information disclosure requirements and indicators of the domestic and foreign green bond standards and policies,based on the existing domestic information disclosure requirements,the information disclosure index system of green bond is established by referring to the advantages of foreign standards.Then according to the index system,the paper analyzes the quality of the information disclosure report of the green bonds issued to the public in 2016-2018 and draws the following conclusions: there are differences in the quality of information disclosure of all kinds of green bonds;there are differences in the quality of information disclosure before and during the period of issuance;too much fuzzy disclosure;poor environmental benefit information disclosure;insufficient negative information disclosure;green of the issuer Color is not valued.In view of the shortcomings of green bond information disclosure in China,the following suggestions are put forward to the regulatory authorities and bond issuers respectively: the regulatory authorities should establish a standard guidance and indicator system for green bond information disclosure,strengthen the role of information disclosure supervision of third-party certification,promote regulatory measures and innovative regulatory measures;bond issuers should clarify their own information disclosure responsibilities,Improve the understanding of information disclosure.