Introduction
介绍

With the increasingly severe global climate change, reducing carbon emissions and achieving green and low-carbon development have become the common goals of governments around the world. China has proposed the goals of carbon peak and carbon neutrality in line with the trend and finance will play an important role in realizing them. Consequently, green finance has created new financing options for Chinese enterprises and made significant contributions to the development of China's green economy.
随着全球气候变化的日益严峻，减少碳排放，实现绿色低碳发展已成为世界各国政府的共同目标。中国顺应趋势提出了碳达峰、碳中和目标，金融将在实现这些目标中发挥重要作用。因此，绿色金融为中国企业创造了新的融资选择，为中国绿色经济发展做出了重大贡献。

Green bonds are a relatively new concept bond in China. Currently, the Chinese carbon bond market, due to its late start and small size, still has a considerable gap compared to developed countries. But the prospects of the green bond market in China are extremely broad. The "Action Report on Supporting Carbon Peaking and Carbon Neutrality Goals in the Securities Industry" released by the China Securities Association involves policies to support China's capital and financial markets in supporting the achievement of carbon peaking, vigorously developing financial product innovation in various markets, green bonds are the main financial instruments in the green primary market. As a result, many Chinese listed enterprises in China invest in green technology innovation by issuing green bonds, green bonds provide a direct financing channel for enterprises, which can directly attract social funds into the enterprises and help them carry out high-quality green projects. thereby improving their financial difficulties under the climate crisis and reducing their carbon emissions. This approach undoubtedly shifts the traditional profit-oriented financing method to environment-oriented green financing, which is beneficial for China's sustainable development.
绿色债券在中国是一个相对较新的概念债券。目前，中国碳债券市场由于起步较晚、规模较小，与发达国家相比仍存在相当大的差距。但中国绿色债券市场的前景非常广阔。中国证券业协会发布的《关于支持证券行业实现双碳中和目标的行动报告》涉及支持中国资本市场和金融市场支持实现碳达峰的政策，在各个市场大力发展金融产品创新，绿色债券是绿色一级市场的主要金融工具。因此，许多中国在华上市企业通过发行绿色债券来投资绿色技术创新，绿色债券为企业提供了直接的融资渠道，可以直接吸引社会资金进入企业，帮助企业开展高质量的绿色项目。从而改善他们在气候危机下的财务困难并减少他们的碳排放。这种方法无疑将传统的以利润为导向的融资方式转变为以环境为导向的绿色融资方式，有利于中国的可持续发展。

The theoretical and empirical research on green bonds continues to deepen with the gradual clarification of the carbon finance system framework. The definition of green bonds is clearer: as an innovative fixed income investment product, it can provide funding for corporate green projects and effectively promote the development of corporate green environmental transformation (REICHELT H 2010). The issuance of green bonds by enterprises has had a significant positive impact on the company's reputation, internal systems, and investment and financing. At the same time, the interest rate of green bonds is lower, and the social acceptance of financing is generally higher, making financing more convenient than ordinary bonds and playing an extremely important role in the environmental economy (GINFRATE G, PERI M.2019). At the same time, the company's stock price is positively responsive to the issuance of green bonds (TANGDY, ZHANG 2023). Green bonds have brought huge benefits to the company's green transformation, financial improvement, and other aspects.
随着碳金融体系框架的逐步明确，绿色债券的理论和实证研究不断深化。绿色债券的定义更加明确：作为一种创新的固定收益投资产品，它可以为企业绿色项目提供资金，有效推动企业绿色环境转型的发展（REICHELT H 2010）。企业发行绿色债券对公司声誉、内部制度和投融资产生了重大的积极影响。同时，绿色债券的利率较低，社会对融资的接受度普遍较高，使得融资比普通债券更方便，在环境经济中发挥着极其重要的作用（GINFRATE G， PERI M.2019）。同时，公司股价对绿色债券的发行反应积极 （TANGDY， ZHANG 2023）。绿色债券为公司的绿色转型、财务改善等方面带来了巨大的好处。