我国绿色债券信用风险的调查与分析
Investigation and Analysis of Credit Risk of Green Bonds in China

“绿色债券”是指将所募集资金专门用于资助符合规定条件的绿色项目或为这些项目进行再融资的债券工具。截至目前，我国绿色债券的发行规模居全球第一，但国内绿债的整体评级结果偏高，仍存有潜在的信用风险。本文根据不同项目类别绿债的特点，构建出一套较为统一和合理的绿色债券信用风险评价指标体系。在此基础上，选取发行主体、发行时间、发行地点各异的132个样本，运用该评价指标体系对其信用风险进行评价和分析，并在信息披露、政策规范等方面提出可行的改进建议。
A green bond refers to a bond instrument that uses the funds raised specifically to finance or re-finance green projects that meet the required conditions. Up to now, China ranks first in the issu-ance scale of green bonds in the world, but the overall rating of green bonds in China is relatively high, and there are still potential credit risks. According to the characteristics of different types of green bonds, this paper constructs a set of relatively unified and suitable credit risk evaluation in-dex system for green bonds. On this basis, 132 samples with different issuing subjects, issuing time and issuing places were selected to evaluate and analyze their credit risks with this evaluation in-dex system, and feasible suggestions for improvement were put forward in terms of information disclosure, policy norms and other aspects.