Research On Information Disclosure System Of Green Bonds In China

Green bond is designed to use bond capital market to provide funds for projects with positive environmental benefits.China's green bonds market has shown great vitality in the last three years since its launch.Judging from the current statistics,China's green bonds market has been in a leading position.However,China still faces a series of challenges in guiding the development of green bond market,among which the issue of information disclosure is prominent.According to industry statistics,as of January 2018,only 57%of green bonds issuers have disclosed the information of environmental benefits of green projects,while most of the other information disclosed is the construction of projects,not the real information of environmental benefits,and its availability is poor.Strict information disclosure is the key to ensure the green investors'right to supervise and reduce information asymmetry.In the long run,it can increase the maturity and transparency of the green financial system.This paper takes the information disclosure system of green bonds as the research object,uses comparative analysis method,case analysis method,chart form and statistical analysis method,starts with the current situation of the rules of green bond disclosure,analyzes the existing problems and hazards,and puts forward perfect suggestions on the basis of investigating and drawing lessons from foreign experience.In addition to the introduction and conclusion,this paper is divided into four chapters.The first chapter is the summary of basic theory.Firstly,the definition of green bonds and information disclosure system are given,and then the theoretical basis and value of green bonds information disclosure system are elaborated from the perspective of economics and jurisprudence,thus demonstrating the necessity and significance of improving the system.The second chapter first explores the practice of information disclosure of green bond issuers in China,then combs the existing provisions of the system of information disclosure of green bonds in China,and probes into the regulation of multi-department co-supervision,multi-level disclosure rules and legal liability.Finally,some problems in this system are found out,such as confusion of supervision system,lack of norms of disclosure rules,inadequate accountability for violations,and absence of relevant supporting systems.The third chapter mainly investigates and draws lessons from the information disclosure system of foreign green bonds.Firstly,from the government level,the United States and India are selected as the research objects,and their regulatory model,information disclosure rules,disclosure responsibility for violations,and related supporting systems are analyzed in detail.Then,the International Capital Market Association,Climate Bond Initiative and the European Union are examined from the international organization level.Finally,it points out how to draw lessons from it.The fourth chapter puts forward proposals to improve the information disclosure system of green bonds in China.In general,we need to adhere to the idea of combining unity and difference as well as the idea of conforming to the characteristics of green bonds.In terms of the choice of basic path,it is suggested that we should improve it from four aspects:establishing an efficient supervision system,standardizing the rules of information disclosure,strengthening supervision and law enforcement,and promoting the construction of supporting systems.