兰州财经大学硕士学位论文
组合评价视角下绿色债券融资效率研究
Research on Financing Efficiency of Green
Bonds from a Combination Evaluation
Perspective
--case of Wuhan Metro Green Bonds
Candidate : Wang Shanshan
Supervisor:Yang Shifeng

兰州财经大学硕士学位论文
组合评价视角下绿色债券融资效率研究
摘要
改革开放以来，我国经济发展取得了举世瞩目的成就，但也面临着污染环境、
过度消耗资源等问题，为此党的十八大会议中正式将“生态文明建设”写入党章，
十九届五中全会中再次强调要建设美丽中国，走绿色发展之路。实现经济转型升
级与高质量发展，离不开绿色金融的支持。绿色债券是绿色金融体系中重要的组
成部分之一，可同时兼顾环境保护与金融投资，自 2016年我国绿色债券市场启
动以来，中国绿色债券发行量在全球位列前茅。而发行绿色债券之后，所募集资
金的使用成效如何，绿色债券是否会因自身的特色优势而融资效率偏高，通过对
这一问题的深入研究，将对绿色债券市场的进一步发展有着积极的借鉴意义与启
示。
本文运用实证与案例相结合研究了中国绿色债券的融资效率，在实证分析方
面，运用了因子分析法与数据包络分析法（DEA）的组合评价法来测度绿色债券
融资效率，并根据发行主体所处行业、发行债券的时间、非绿色的特点等原则选
取了普通债券作为对照组；在案例分析方面，以城市轨道武汉地铁集团发行的系
列绿色债券为研究对象，探究其利用绿色债券融资的动因、效益、隐藏的风险。
结果表明，绿色债券融资效率高于普通债券，但整体而言绿色债券融资效率仍偏
低，就其主要原因是所募集资金的规模过大，资金冗余，且不能及时高效利用，
从而使部分资金闲置，影响了融资效率。据此，为了提高绿色债券融资效率，建
议从宏观与微观双重层面来改进：一方面政府要加大相关政策扶持力度、优化制
度、完善标准来拓展绿色债券发展空间；另一方面，企业应加强债券募集资金的
规模使用效率、保证经营业务合规、谨防绿色债券违约风险。
关键词：绿色债券融资效率因子分析 DEA 模型武汉地铁绿色债券

Abstract
Since the reform and opening up, China's economic development has
made great achievements. But it is also faced with the problems of
polluting the environment and excessive consumption of resources.
Therefore, the 18th National Congress of the Party formally wrote the
"construction of ecological civilization" into the Party Constitution. The
Fifth Plenary Session of the 19th CPC Central Committee once again
stressed the necessity to build a beautiful China and take the road of green
development. The realization of economic transformation and upgrading
and high-quality development can not be separated from the support of
green finance. Green bonds are one of the important parts of the green
financial system, which can take into account both environmental
protection and financial investment. Since the launch of China's green
bond market in 2016, China's green bond issuance has come out in front
in the world. After issuing green bonds, how effective are the funds raised,
and whether green bonds will be highly efficient because of their own
advantages. Through the in-depth study of this problem, It will have
positive reference significance and enlightenment to the further
development of green bond market.
This paper researches the financing efficiency of China's green
bonds by combining empirical research with case studies. As far as
empirical analysis is concerned, the way which combines data
。。。以下略