Research On Credit Rating Of Green Bond In China

With climate change and environmental issues becoming the focus of global attention,countries around the world are implementing green development strategies to take into account both environmental and economic benefits.It costs a lot to deal with environmental pollution,which adds a high burden to social development and inhibits the sustainable and healthy development of China's economy.China's 19 th national congress stressed the importance of promoting ecological progress and green development.Green bonds are an indispensable part of green finance and provide a new low-cost financing approach for the society.It is necessary to use the financial market to promote the sustainable development of the economy.In December 2015,the green bond issuance guidelines were issued,opening a new journey for China's green bond market.Since 2016,China has made great progress in green credit issuance,and achieved remarkable results in terms of issuance scale,types and participants.China has become the largest green bond issuer.But for green bond rating,China is still in the early stage.Due to the essential difference between green bonds and ordinary bonds,the common bond rating system is not applicable to green bonds,and the existing bond rating system lacks universality.This paper will analyze the experience of foreign green bond rating and combine with China's actual development,take the "green factor" into consideration in the green bond index system,build a green bond rating system in line with China's national conditions,and use the analytic hierarchy process to determine the weight,and adopt the fuzzy comprehensive evaluation method for bond rating.Combined with the specific case analysis,the green bonds issued by longyuan power in 2017 were evaluated,and the green bond rating results were obtained and analyzed.Finally,based on the analysis of the status quo above,feasible operational Suggestions are made for the development and improvement of China's green bond rating system.