21 世纪，全球经济有过飞速发展，有过区域性金融危机，也有过增速平稳 略有回升的时期。随着各国工农业的持续高速发展，对于生态环境的的影响巨大， 各国都不同程度上面临着生态资源的危机。这时候，“绿色”这个词语进入全球 的发展规划和战略之中，包括世界组织、各国政府在内都相继提出了“发展生态 文明、构建绿色社会”的发展战略。随着战略规划的制定，金融业特别是银行业 作为社会金融发展体系中的重要中枢，在其中必须也必然发挥了作用。以绿色信 贷、绿色债券、绿色基金等绿色金融体系建立了起来，并在短短的时间中实现了 爆发式的增长。 本文将站在城市商业银行发行的角度，对其发行绿色金融债券进行讨论研 究。随着广大金融机构的积极参与，我国绿色金融体系建设进度加快，绿色信贷、 绿色债券、绿色基金等绿色融资产品规模快速增长，业务结构创新多样，发行人 和投资人范围越来越大。首先对现今国际国内绿色金融债券的发行进行概述，得 出中国绿色金融债券发行规模极大，约占同期全球绿色债券发行规模的三分之 一。配合总体数据，说明发行绿色金融债券的流程和创新模式，并结合国际国内 城市商业银行的成功发行案例，分析国际国内的不同发行环境，提出我国城市商 业银行发行绿色金融债券的机遇和挑战，比如为城商行提供调结构的支持、拓展 城商行业务发展空间、提高资产质量、增强服务本地实体经济能力以及提升品牌 知名度。但是城市商业银行想要发行绿色金融债券并非轻易简单，城商行受体量 和地域等影响，发行规模、成本收益、风险管控等方面都具有相当的挑战性。 本次研究着重针对我国城市商业银行发行绿色金融债券市场风险频发、发行 前城商行内部管理体系的新建或完善、发行时难以确保绿色资金流向、发行后缺 少配套措施和绿色金融债券由于本身的特殊性造成的发行困难。根据问题，对金 融监管大环境和城市商业银行自身都提出切实可行的对策，从保证成立、投资、 发行、存续、发展和先进的不同要点提出五点对策建议，对应风险问题提出完善 绿色金融债券市场风险监管机制的建设、对应内部管理体系问题提出推进城商行 银行经营管理能力的提升、对应资金问题提出加强城商行绿色资金认证的力度， 对应缺乏配套措施提出配套完整的发行措施和渠道，最后对绿色金融债券的特殊II 性问题提出借鉴国际发行的经验。希望本文能为城商行的业务选择和整体发展战 略选择提供一定的借鉴和参考。 关键词：绿色金融；绿色金融债券；城市商业银行；发行III Abstract In the 21st century, the global economy has developed rapidly, also has been a period of steady growth, and there have even been financial crisis. With the sustained and rapid development of industry and agriculture in various countries, development leads to more and more ecological problems, there are makes those countries are facing different degrees of ecological resources crisis. At this time, the word green has entered into the global development planning and strategy. The world organization and governments,there have put forward the development strategy of developing ecological civilization and constructing green society one after another. With the formulation of strategic planning, the financial industry, especially the banking industry, is an important center in the social financial development system.Green credit, green bonds, green funds and other green financial products have been established, and in a short time to achieve explosive growth. In this paper, the issue of green financial bonds from City Commercial Banks will be discussed. With the active participation of the vast number of financial institutions, the construction of the green financial system in China has been accelerated. The green finance has grown rapidly, and the business structure has been innovated and diversified. Issuers and investors are growing in scope. First of all, there have a general description of the issuance of green financial bonds in global scope. We could know that Chinese green financial bond issuance scale is extremely large, accounting for about 1/3 of the global green bond issuance scale in the same period. Reference total data, the paper explain the process of issuing green financial bonds and the innovative model Combining the successful issuance cases of domestic and international city commercial banks.Then next part analyzes the different issuing background, and points out the opportunities and challenges for the city commercial banks to issue green financial bonds, such as providing the support for the city commercial banks to adjust their structure, expand the business development space, improve the quality of assets, enhance the ability to service the local real economy and enhance brand awareness. However, it is not easy for cityIV commercial banks to issue green financial bonds.There have a variety of reasons for example volume, geographical,cost and income, risk control and so on. This paper focuses on five problems such as the green market risks ， management system of city commercial banks before issuing, use of green funds,lack of supporting measures after issuance and green financial bonds due to their own particularity caused by the issuance of difficulties.According to the problems, the paper puts forward five countermeasures and suggestions to solve above guarantee, investment, issue, existence, development and advanced problem. The construction of risk supervision mechanism in green financial bond market and the corresponding internal management system are put forward. Then the paper advise to promote the upgrading of the management ability of the City Commercial Bank. The next point explain to strengthen the green capital certification of the city commercial banks, complete distribution measures and channels. Finally, the last part put forward to draw lessons from the experience of international issuance. I hope this paper can provide more reference for city commercial banks to issue green financial bonds. Keywords: Green Finance;green financial bonds;city commercial banks;issueV 目 录 摘要......................................................I Abstract................................................III 第一章 绪论................................................................................................1 第一节 研究背景及意义....................................................................................1 一、 研究背景.................................................................................................................1 二、 研究意义.................................................................................................................2 第二节 文献综述..................................................................................................3 一、 国际研究文献综述................................................................................................ 3 二、 我国研究文献综述................................................................................................ 4 第三节 论文的研究方法......................................................................................5 一、 比较分析法............................................................................................................ 5 二、 案例分析法............................................................................................................ 5 第四节 论文的框架结构和主要内容................................................................6 一、 文章框架结构........................................................................................................ 6 二、 主要内容.................................................................................................................6 第五节 本文的创新点........................................................................................7 一、 案例分析新视点.................................................................................................... 7 二、 比较分析新观点.................................................................................................... 7 第二章 我国城市商业银行绿色金融债券发行概述...............................8 第一节 内涵........................................................................................................8 第二节 发展历程................................................................................................8 第三节 市场需求和发展空间..........................................................................10 一、 我国城商行发行绿色金融债券市场需求..........................................................10 二、 我国城商行发行绿色金融债券市场发展空间..................................................11 第四节 政策监管设计......................................................................................13 第三章 我国绿色金融债券发行的流程标准和独创性.........................16 第一节 我国城市商业银行发行绿色金融债券的流程..................................16 一、 绿色支持方向...................................................................................................... 16 二、 绿色口径确认...................................................................................................... 16 三、 绿色政策指导...................................................................................................... 16 第二节 我国筛选绿色金融项目的标准要求..................................................17 第三节 我国绿色金融债投向六类行业评判标准..........................................18 一、 节能.......................................................................................................................18 二、 清洁能源.............................................................................................................. 18 三、 清洁交通.............................................................................................................. 18 四、 资源节约与循环利用..........................................................................................18 五、 污染防治.............................................................................................................. 19VI 六、 生态保护和适应气候变化..................................................................................19 第四节 我国发行绿色金融债券的绿色独创性..............................................19 一、 绿色项目的筛选.................................................................................................. 19 二、 绿色金融债款的投向..........................................................................................20 三、 绿色金融债券的审批..........................................................................................20 四、 绿色金融债券的认证..........................................................................................20 第四章 国内外绿色金融债券发行模式比较分析.................................21 第一节 国外绿色金融债券发行案例..............................................................21 一、 国外发行绿色金融债券的案例背景..................................................................21 二、 国外发行绿色金融债券的案例内容..................................................................21 三、 国外发行绿色金融债券的案例分析..................................................................24 第二节 国内绿色金融债券发行案例................................................................25 一、 国内发行绿色金融债券的案例背景..................................................................25 二、 国内发行绿色金融债券的案例内容..................................................................26 三、 国内发行绿色金融债券的案例分析..................................................................29 第五章 我国城市商业银行绿色金融债券发行的机遇与挑战............30 第一节 我国城商行发行绿色金融债券的机遇..............................................30 一、 支持城商行调整业务结构..................................................................................30 二、 拓展城商行业务发展空间..................................................................................30 三、 提高城商行资产质量..........................................................................................31 四、 增强城商行服务本地实体经济能力..................................................................31 五、 提升城市商业银行的品牌知名度......................................................................31 第二节 我国城商行发行绿色金融债券的挑战..............................................31 一、 市场风险监管机制不完善..................................................................................31 二、 城市商业银行经营管理能力不足......................................................................32 三、 城市商业银行资金绿色难以甄别......................................................................33 四、 城市商业银行发行缺少配套措施......................................................................33 五、 缺乏经验应对绿色金融债券自身特殊性..........................................................34 第六章 我国城商行发行绿色金融债券的建议.....................................35 第一节 完善绿色金融债券市场风险监管机制..............................................35 一、 完善制度体系...................................................................................................... 36 二、 完善管理体制...................................................................................................... 37 第二节 提升城市商业银行经营管理能力......................................................38 一、 队伍的能力建设.................................................................................................. 38 二、 专业团队的组织搭建..........................................................................................39 第三节 加强城市商业银行绿色资金绿色认证..............................................40 一、 扩大绿色金融债券投资范围，保证资金绿色..................................................40 二、 加强认证评估管理力度，保证发行绿色..........................................................41 第四节 配套绿色金融债券发行措施和渠道..................................................42 一、 配备措施设立和推进..........................................................................................42 二、 有效信息沟通渠道的建立和完善......................................................................43VII 第五节 借鉴国际绿色金融债券发行的经验..................................................43 一、 紧跟全球绿色金融债券一体化的步伐..............................................................43 二、 抓住各机构共同学习借鉴的机会......................................................................44 第七章 结论与展望...............................................................................44 第一节 研究结论..............................................................................................44 第二节 研究展望..............................................................................................45 一、 数据持续挖掘...................................................................................................... 45 二、 绿色债券发展变化.............................................................................................. 46