Study On Green Rating Of The Green Bond By AHP-entropy Method

The 19th CPC National Congress proposed to treat the ecological envi-ronment as our life,form a green development approach and a green way of life,and build a beautiful China.With the increasing contradiction between social economic development and resource environment,how to make good use of the financial market to promote sustainable economic development is a very significant issue.As an important part of green finance,the green bonds have achieved a rapid development at the international and domestic markets,and become a key investment target for investors.Since 2016,the issuance scale of green bond in China's has been steadily increasing,the diversification trends of distribution type,deadlines,and participating entities have become obvious,and China has become the largest green bond issuance country.However,China has not had a relatively effective green bond evaluation sys-tem until now.Therefore,the search for a new green rating method for green bonds will provide a more scientific and objective way to assess the green de-gree of green bonds,which is vitally significant for the investors,issuers,and the healthy development of China's green bond market.The article,based on the relevant literatures and data,takes thirteen green bonds issued in 2016 in China as the research object and conducts a compre-hensive evaluation of the green degree of green bonds.Firstly,the article made a study on the background and significance of green bonds,analyzed and compared domestic and foreign literatures related to green bonds,studied rel-evant economic theories and the basic theories of green bonds,and combined the development status and problems of China's green bonds to lay a theoreti-cal foundation for the evaluation system.Secondly,the paper has analyzed the factors that affect the green degree of green bonds from the aspects of raised capital investment,use and management of raised funds,continuous reporting and disclosure,and governance structure,and established an evaluation index system combined with the development status of green bonds.After that,we made use of AHP-entropy method to calculate comprehensive weights,and conducted a comprehensive evaluation of the selected samples.Finally,ac-cording to the rating results,the countermeasures and suggestions were pro-posed fit to China's development stage,from the views of evaluation criteria,government supervision,trading market,public opinion atmosphere,and per-sonnel training,which are conducive to promoting the healthy development of green bonds.