Research On Obligatory Rules Of China’s Green Panda Bond Issuers

Facing the increasingly serious environmental problems,people realize that the development of economy should also pay attention to environmental benefits.China is one of the early countries in the world to promote green development as a national strategy.The development of green industry and financing demand for ecological and environmental crisis management have promoted the vigorous development of China’s green bond market.With the opening of China’s door to the outside world,the enthusiasm of overseas issuers to participate in China’s bond market keeps rising,and the attraction of green panda bonds is increasing day by day.The issuer is an important subject of the green panda bond market,and the establishment of the issuer’s obligation rules is closely related to the safe and efficient operation of the green panda bond market.China’s green panda bond started late,the rules are still insufficient,leading to the development of the green panda bond market slow pace.In this context,it is necessary and critical to study the issuer rules of China’s green panda bond market.This paper takes the obligation rules of green panda bond issuers as the research object,and it is divided into four chapters to analyze and discuss:In the first chapter of this paper,this paper first expounds the meaning and characteristic of green panda bonds,points out that the issue of green panda debt to our country take the path of green development and the significance of market opening,clarify the legal relationship between the issuer and its main body and the other laws,and realize the importance of the issuer to green panda bonds market,the article rests on the contents of the issuer compulsory rules research;Secondly,the current rules are sorted out to explore the economic and legal basis behind the rules,which provides a certain necessity and legitimacy for studying the content of issuer’s obligation rules.Finally,through the study of the specific content of the rules,the main obligations of pedestrians are summarized as follows: maintaining the greenness of financing projects,disclosing environmental information and fully protecting the legitimate rights and interests of investors.The second chapter of this paper analyzes the main problems existing in the establishment of the above obligations in the current rules.The current regulation setting does not consider the particularity of the issuer,the inconsistency of the green standard and the defect of the environmental information disclosure rule,which to some extent leads to the low efficiency of the issuance of green panda bonds.The lack of external verification mechanism,the unclear identification of anti-fraud provisions on "green-washing",and the imperfect supporting measures for investor protection also increase the risk of green panda bonds,failing to protect investors well,and the rules need to be supplemented and improved.The third chapter analyzes the rules of green foreign bond issuers in the United States and the European Union from the perspective of extraterritorial experience.The United States,the European Union in green bonds and foreign bonds issue,the business has a mature system of rules,such as the United States as an issuer set up certain rules,and through the anti-fraud provision punishment of "green" phenomenon,the European Union by making unified green standards and stringent environmental information disclosure rules regulate green foreign bonds issue.By studying the specific practices of the United States and the European Union on the obligations of issuers,this paper provides some references for China to solve the problems in the rules of the obligations of issuers.On the basis of the previous discussion,the fourth chapter of this paper draws on the essence of the rules of foreign markets and puts forward Suggestions on the improvement of the rules of issuers’ obligations based on the actual situation in China.This paper holds that the improvement of issuer’s obligation rules cannot be separated from the simultaneous development of government regulation and industry self-regulation,and efficiency and safety can be regarded as the main line to check whether the rules are perfect or not.From the perspective of efficiency,promoting regulatory coordination,exploring the common language of green standards and establishing a special environmental information disclosure platform can more effectively promote the issuers of green panda bonds to fulfill their obligations.Forcing the issuer to conduct external review,regulating the application of green anti-fraud provisions,and setting up a hierarchical protection mechanism for green investors can fully protect the legitimate rights and interests of investors and protect the safe operation of the green panda bond market.