绿色债券漂绿行为的同群效应及其治理OACHSSCD

Taking the green bonds issued by the Shanghai and Shenzhen stock exchanges and the inter-bank market from 2016 to 2024 as samples,the"greenwashing index"was constructed based on the content of the prospectus to study the industry peer effect of greenwashing behavior.Research has found that the greenwashing index of heavily polluting industries is significantly higher than that of non-heavily polluting industries.Moreover,with stricter regulation,the greenwashing behavior of green bonds has been curbed to a certain extent.The greenwashing methods in heavily polluting industries are shifting from"selective disclosure"to"descriptive ma-nipulation".The greenwashing behavior of green bonds has an industry peer effect,and the a-bove-mentioned effect is more obvious in industries with higher levels of pollution,market com-petition and media attention.Further research reveals that issuers with greenwashing behavior will be more inclined to adopt strategic green innovation rather than substantive green innovation in the future,and their future financial performance and stability will be weaker.In view of this,the governance of green bonds requires investors to enhance their professional capabilities to iden-tify risks,and regulatory authorities also need to include greenwashing behavior in the regulatory scope.Through measures such as punishing typical cases and guiding media supervision,the in-dustry peer effect of greenwashing behavior can be suppressed,and the overall transparency and credibility of the market can be improved.