绿色债券的市场效应与政策路径
Market Effect and Policy Path of Green Bond

在全球气候变化与可持续发展需求日益迫切的背景下，绿色债券作为推动绿色金融发展和促进经济向低碳转型的重要金融工具，其市场快速发展的同时，也面临着标准不一、市场机制待完善、风险评估体系缺失等挑战。本综述通过对近年来国内外绿色债券在促进绿色技术创新、环境绩效提升、企业价值增加、市场溢出效应以及政策建议等多维度的研究文献进行综合分析，揭示了绿色债券在不同应用场景下的实际成效与存在的问题。研究发现，绿色债券对提升企业绿色创新和环境绩效有显著正面影响，其市场溢出效应有助于降低同行业企业融资成本并提升整体环保行动，但市场发展受制于标准不统一、认证机制不完善等障碍。因此，构建统一的绿色标准体系、加强政策激励与市场机制建设、完善信息披露与风险管理，对于推动绿色债券市场健康发展至关重要。本综述为政策制定者、市场参与者及学术研究提供了系统性的参考框架，以促进绿色债券市场的进一步成熟与全球绿色金融的协同发展。
In the context of global climate change and the increasingly urgent need for sustainable development, green bonds, as an important financial tool to promote the development of green finance and the transition to low-carbon economy, face challenges such as different standards, market mechanism to be improved, and risk assessment system. Through a comprehensive analysis of the multi-dimensional research literature on green bonds at home and abroad in recent years in promoting green technology innovation, environmental performance improvement, enterprise value increase, market spillover effect and policy suggestions, this review reveals the actual effects and existing problems of green bonds in different application scenarios. The study found that green bonds have a significant positive impact on improving the green innovation and environmental performance of enterprises, and its market spillover effect can help reduce the financing cost of enterprises in the same industry and improve the overall environmental protection actions, but the market development is subject to the obstacles such as inconsistent standards and imperfect certification mechanisms. Therefore, building a unified green standard system, strengthening policy incentives and market mechanism construction, and improving information disclosure and risk management are crucial to promoting the healthy development of the green bond market. This review provides a systematic reference framework for policy makers, market participants and academic research to promote the further maturation of the green bond market and the synergistic development of global green finance.