Research And Practice On Evaluation System Of Green Bond Based On AHP

Since the reform and opening up of China in 1978,after more than 30 years of development,China has made tremendous achievements in economic construction,and its economic aggregate ranks second in the world.However,China's past mode of extensive development has been increasingly depleted in resources and environmental pollution.Constraints,increased resource constraints,deterioration of the ecological environment,and the carrying capacity of resources and ecosystems have become overwhelming.Since 2005,the discharge of major pollutants in China ranks first in the world.As China enters the new normal of economic development,facing the new requirements of industrial transformation and upgrading and adjustment of economic structure,the Party Central Committee has further defined the concept and goal of"green development" from the perspective of national strategy.In December 2015,the People's Bank of China announced the opening of green financial bonds in the inter-bank bond market,and China's green bond market was announced.By the end of 2017.there were 166 issues in the bond market in China,and the issue scale was 409 billion 711 million yuan.The issuance of green bonds in China was second only to the United States and the second in the world.Although the scale of green bond market in China is expanding continuously,the existing evaluation system of green bond has some defects.Third party organizations only define whether the bond is in accordance with the standard of green bond.It can not provide a measure of the degree of "green" of the bond,and there are no objective and fair phenomena in the process of defining the organization.It happened,causing the bond to "float green".And the credit rating agencies rated the green bonds by rating the common bonds,and the results did not evaluate the green bond.Therefore,the existing green bond evaluation system can not reflect the"green" degree of bonds.If we do not build an appropriate evaluation method of green bonds,it is bound to have a negative impact on the development of green bonds.In the long run,it will even hinder the implementation of the national strategy of"green development",and affect China's industrial upgrading and economic transformationBased on the analysis of the green bond theory,credit rating index and credit rating development,the dissertation constructs an evaluation index system suitable for China's green bonds.Then,through the analytic hierarchy process,this paper establishes a evaluation model of China's green bonds.Finally,we select the green bonds that are the green bonds of the more fashionable new energy vehicles in recent years-the green bonds of Beijing Automobile Co.,Ltd.to verify the evaluation method of the paper construction.The previous research ideas of the dissertation are the guidance and research methods,and a green bond evaluation system is established.At the same time,some innovative research is carried out.Based on the existing rating methods,combining with the national industrial policies and the relevant announcement of the People's Bank of China,the thesis has taken into account the major indicator of the purpose of raising funds and adjusted the rating index system in a targeted manner,giving it more green New Definition and New Weight of Bond Features and Construction of Appraisal Methods Suitable for China's Green Bonds.At the same time,the thesis tries to assign new credit connotation and definition to new credit grade symbol as the symbol of appraisal grade,and better reflects the characteristics of green bond.