Research On Information Disclosure Of Green Bond

The development of green bonds in China is not long.Therefore,there are still some problems in the information disclosure of green bonds.The perfect information disclosure has its significance.It can guarantee the “green” of green bonds and promote the development of green bond market.Specifically,China's green bond information disclosure still has problems such as unclear concept,unclear characteristics,low legal level of disclosure requirements,and unsound regulatory mechanism.Based on the current status and regulations of China's current green bond information disclosure,this paper explores the above issues in combination with foreign legislation and practice on green bond information disclosure.In addition to the introduction,this article consists of three main parts:The first part is the basic understanding of green bond information disclosure.This part mainly introduces the meaning of green bonds,the characteristics and significance of green bond information disclosure,and reviews foreign regulations on green bond information disclosure.This paper believes that the essence of green bonds is still bonds,which can be defined as credit and debt certificates that use the funds raised to support the financing or refinancing of green projects such as pollution prevention and ecological restoration;the characteristics of green bonds are different from ordinary bonds.It is mainly the issue conditions,the investment of funds raised,and the management of funds;the significance of green bond information disclosure is to ensure the “green” nature of green bonds through information disclosure,effectively solve the problem of information asymmetry between investment and financing,and establish full trust between the two parties.By protecting the rights of investors,investors are given priority in investing in the green sector,while also meeting regulatory requirements.Foreign regulations on the disclosure of green bonds can be found in the Green Bond Principles and the Climate Bond Standards,and both Japan and India have clear requirements.The second part,the disclosure of domestic issues of green bond information disclosure.China has already had relevant regulations on the disclosure of green bonds.According to the status quo of domestic green bond information disclosure,combined with the existing regulations,it has the following problems: First,the quality of the disclosure content is not high,the performance of the “environmental efficiency goal” lacks standardized expression and the disclosure content exists;second,the disclosure model Poor,temporary disclosure of major events is less,and the frequency of disclosure of periodic reports is not high.Third,the regulatory mechanism is not perfect,the multi-head supervision mode leads to regulatory confusion,and the supervision role of third-party certification and evaluation agencies is also small.The third part is the perfect proposal for the disclosure of green bond information.In response to the problems described in the second part of this paper,the following suggestions are proposed: First,to ensure the quality of the disclosure content,on the one hand,the “environmental benefit goal” should be defined in detail and the description method should be determined.The author believes that the ideal method is to develop a typical The environmental benefit target type is to classify and summarize the “environmental benefit goal”,and at the same time try to use qualitative and quantitative description;on the other hand,it should ensure the truthfulness and completeness of the disclosure,and start from the subjective and objective unreality to gradually reduce the untrue situation..Second,optimize the disclosure model,increase the temporary disclosure of major issues such as the phased environmental benefits and objective obstacles in the construction of green projects,and increase the frequency of disclosure of periodic reports to achieve quarterly disclosure;To improve the supervision mechanism,it is necessary to coordinate the long-term supervision of the administrative department and strengthen the supervision role of the third-party certification and evaluation agency,while encouraging social supervision.