Institutional Obstacles And Countermeasures In The Issue Mechanism Of China Corporate Green Bonds

Developing the corporate green bond market is not only an important means of broadening the direct financing channels for green enterprises and alleviating the pressure on green industry financing needs at the micro level,but also a major strategy for promoting the green transformation and upgrading of the economic development mode in a macro sense.Under the back ground of strong national support for green finance development,gradual maturity of the top-level design and accelerating market construction,it is of theoretical and practical significance to conduct in-depth studies on the institutional bottlenecks and perfecting path of China corporate green bond market.As the first corporate green bond in the exchange bond market,Zhejiang Jiahua Energy Chemical Co.,Ltd.corporate green bond(bond name:G16 Jiahua 1)is a significant and beneficial attempt to develop the green bond market in China,and also explores an innovative path for green enterprises to raise fund through direct capital market,which is of profound typical significance and research value.Based on the survey visits and public information,this study comprehensively and deeply decomposes the issuance process and follow-up mode of G16 Jiahua 1,and systematically summarizes the complete practical standards of current corporate green bonds in China.On this basis,combined with G16 Jiahua 1 case and the overall situation of the market,this article analyzes the benefits and costs of the issue,explores the reasons for the current less active corporate green bond market.Then through the comparison of foreign corporate green bond cases and market paths,this article draws lessons from the foreign practices,puts forward the perfecting ideas and policy recommendations to the domestic corporate green market mechanism.This article argues that fostering a good market environment and policy environment is crucial for developing corporate green bonds.The weak driving force of the current market is the shortcoming of the development of China's corporate green bonds.We can draw on the experience of Europe and the United States and consider to improve ESG responsibility investment,introduce self-regulatory organizations,and make use of the functions of exchanges.On this basis this article proposes specific policy recommendations to promote the domestic corporate green bond market including improving the overall supervision,exploring and applying incentive policies,and fostering green investment groups.