Improvement On Green Securities Legal Systems In China

"Green securities" system is another important environmental economic policy in our country following "Green credit" and "Green insurance", whose main task is to deploy social resources and social capitals to the industries and enterprises which make more contributions to a sustainable development, by means of regulating enterprises’ initial listing as well as the refinancing activity after listing."Green securities" is one part of the Green finance system. At present, there is no general definition on "Green securities" in the academia. In2008, China’s Ministry of Environmental Protection published "Guidance on Strengthening the Environmental Protection Supervision for Listed Companies". The Guidance proposed three basic environmental regulatory systems for China’s listed companies, that is, environmental verification system, environmental information disclosure system and environmental performance evaluation system of listed companies. According to a series, of successful practices from other countries, the development of "Green securities" has higher requirements to environmental laws and regulations. However, as an "exotic", there is no perfect institutional system of "Green securities" in China during the transplant process. Therefore, the effect of the implementation is not very satisfactory.The purpose of this research is that, based on our current development of "green securities", analyze the problems encountered in the implementation. And then, put forward some suggestions for improvement through learning from foreign countries. The first part is a foundation to carry out the full text, which mainly introduce the meaning and function of "Green securities". The second part has three subsections, which respectively describes the development of environmental verification system, environmental information disclosure system and environmental performance evaluation system of listed companies of our country in detail, and presents the defects and deficiencies from the analysis above. The third part introduces of some positive experiences abroad. The last chapter, on the basis of the previous two chapters, from all aspects, presents how to develop China’s "Green securities" legal System, such as through legal perfection, government conduct, corporate responsibility, public participation and so on.