| In essence,green bond is also a debt financing tool with repayment of principal and interest.According to the requirements,the funds raised by green bond are invested in projects or industries that can produce positive benefits or positive impacts on the environment,such as environmental protection,energy conservation and emission reduction,clean energy;etc Economic return or cost quantification is an important part of green bond rating business.At present,the government’s support for green economy is mainly directed at the enterprises themselves,through financial subsidies,policy discount and other ways to stimulate enterprises to save energy and reduce emissions and improve technology.The central economic work conference in 2019 pointed out that we should give full play to financial means to expand the allocation function of environmental protection resources,guide capital flow to enterprise projects with positive environmental benefits,promote industrial upgrading and green transformation,and promote the sustainable and high-quality development of China’s economy and society.As a financial tool to coordinate the ecological environment and economic development,green bond is an important means of financial means to assist the efficient allocation of environmental protection resources.It is of great practical significance to study the regulatory mechanism of green bond rating agencies to enhance the environmental effect.However,in reality,green rating agencies pay too much attention to the direct economic and environmental effects of bond issuance,but do not pay attention to the multiplier effect of indirect environmental protection,and fail to give full play to the environmental driving effect of green bond issuance,which leads to the low accuracy of environmental effects of green rating.The multiplier effect of high spillover of some green bond issuers is not reflected in the rating,which weakens the function of financial means to assist the efficient allocation of environmental protection resources.From the perspective of supervision,this paper introduces environmental protection effect indicators to supervise the rating agencies of green bonds by means of finance.Through reputation reward and punishment,the rating agencies are urged to consider the environmental protection effect of green bonds and improve the accuracy of green bond rating.The financial market is used to optimize the allocation of social resources,improve the guiding role of green bonds in the flow of social funds to enterprises with high spillover effect,give full play to the resource allocation function of financial market,and enhance the overall environmental protection effect of society.The main research contents include four aspects:1.The spatial spillover effect test of green bond issuance.Through the construction of panel data spatial lag model,combined with the characteristics of China’s green bond data sample less time,the appropriate spatial weight matrix structure is selected to overcome the difficulty of sample data less time and effectively capture the spatial effect.This paper empirically tests the environmental protection effect of green bond issuance.It shows that the issuance of green bonds can promote the optimization of energy structure and technology upgrading of enterprises,reduce the total carbon emissions,and improve the environmental protection effect.Further examination of green bonds shows that the environmental spillover effect of green bonds is significant in the primary market,but not in the secondary market.It shows that the multiplier effect of high spillover of green bond issuers is not fully reflected in the rating,which weakens the function of financial means to assist the efficient allocation of environmental protection resources.The accuracy of green rating can be further improved,and the role of resource allocation in secondary market can be fully played.2.The spatial measurement of environmental protection effect of green bond issuance.Through the comparison and screening of various spatial weight matrices,the spatial weight matrix suitable for the data characteristics of China’s green bond market is determined,and the spatial Durbin model of panel data is constructed.From the micro point of view,using the panel data spatial Durbin model,combined with the data of China’s green bond market,this paper measures the environmental protection effect of the spatial effect of green bond issuance,and empirically analyzes the impact of green bond issuance on enterprise technology upgrading,energy conservation and emission reduction.The empirical results show that the issuance of green bonds has a significant role in promoting enterprises to reduce carbon emissions,and has a significant environmental effect.Its indirect effect is far greater than its direct effect.Further examination shows that the rating agencies pay too much attention to the direct environmental protection effect rather than the indirect environmental protection effect,which leads to the distortion of green bond rating.From the perspective of supervision,we can introduce environmental protection effect indicators to supervise the rating agencies of green bonds,improve the accuracy of rating,and enhance the environmental protection effect of green bonds.3.Based on the environmental protection effect of incentive and restraint regulatory mechanism research,improve the environmental protection effect.Besides economic benefits,green bond rating is more important for environmental protection.In the green environmental effect,in addition to the direct effect,the indirect effect has a greater role in improving environmental protection.This chapter analyzes the spatial effect of green bond issuance,including direct effect and indirect effect.It is introduced into the rating purchase model,and the information collection cost and rating cost function are defined to obtain the expected return of the whole rating industry based on the quality distribution and rating accuracy of bonds.By solving the expected return optimization problem under the constraint of regulatory cost and numerical simulation of the derived results,this paper discusses how regulators use punishment and regulatory strength to motivate and constrain rating agencies to pursue profit maximization and improve rating accuracy.The introduction of spatial environmental protection effect indicators to supervise rating agencies improves the rating accuracy in equilibrium state and improves the environmental protection effect of the whole society.4.Based on the environmental protection effect of domestic and foreign double rating competition incentive and restraint mechanism research,improve the environmental protection effect.The green bond market in foreign countries is earlier than that in China.The rating agencies have rich rating experience,high technology,higher rating accuracy than that in China,good reputation and relatively low rating cost.However,they are not familiar with the Chinese market and the cost of collecting information is high;Domestic green bond rating agencies,due to the development time is not long,rating accuracy is not high,reputation is low,technology is not high,but more familiar with the local market environment,low cost of information collection advantages.Through the introduction of foreign rating agencies,this chapter realizes the complementary advantages of the rating market and improves the accuracy of rating.Through the derivation of the differential Hotelling model and the numerical simulation of the results,the rating accuracy of domestic comprehensive rating agencies is improved in the first stage after the introduction of foreign rating agency competition;After competitive learning,the rating accuracy at home and abroad will be further improved compared with the first stage.Finally,the punishment and supervision will be maintained at a certain level,and the social environmental protection effect will be significantly improved. |
