The Management Of Chinese Green Bonds During The Period Of Being Outstanding

Since 2016,China's green bond market has developed rapidly.By the end of 2018,312 green bonds had been issued,with a financing scale of 700 billion yuan,accounting for about 20% of the global green bond issuance in the same period.With the continuous development of green bond market management,the research on issuance management has achieved some results,but the related research on life cycle management is scarce.From the perspective of the basic framework and management tools of green bond life cycle management,this paper systematically studies the issue of green bond life cycle management in China,explores the existing problems of green bond life cycle management and puts forward policy recommendations.Firstly,this paper collates the relevant literature on green bonds at home and abroad,and finds that the research on the life cycle management is very scarce.At the same time,it discusses the practice process of China's green bond management,and clarifies the importance and necessity of studying the life cycle management.Secondly,the basic framework of green bond life cycle management is studied.The basic value orientation of green bond life cycle management is obtained by induction and deduction method and case method,and the general process of green bond life cycle management is sorted out.Thirdly,from the unique perspective of compiling and adjusting methods of green bond index,this paper excavates the reflection tools of duration management,and analyses their rationality and limitations.Fourthly,the outstanding problems of green bond duration at this stage are pointed out,including the lack of flexibility in raising capital and high restrictions on its use;the need to improve the information disclosure mechanism and the uneven quality;the difficulty of unification of third-party certification standards and high cost;the lack of life management tools and the difficulty of supervision.Finally,it is suggested that China's green bond life cycle management should optimize the policy environment of green bond market,strengthen top-level design;improve the information disclosure system of green bond,improve information transparency;unify the certification and evaluation standards,reduce financing costs;strengthen the sense of responsibility investment,enhance market activity;innovate life cycle management tools to prevent financial risks.At the theoretical level,this paper makes up for the gap in the research of life cycle management.At the practical level,it has certain reference value for issuers,investors and supervision to understand and participate in the life cycle management.