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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳肇鴻 | zh_TW |
| dc.contributor.advisor | Chao-Hung Chen | en |
| dc.contributor.author | 謝季純 | zh_TW |
| dc.contributor.author | Chi-Chun Hsieh | en |
| dc.date.accessioned | 2024-05-28T16:05:33Z | - |
| dc.date.available | 2024-05-29 | - |
| dc.date.copyright | 2024-05-28 | - |
| dc.date.issued | 2023 | - |
| dc.date.submitted | 2024-05-04 | - |
| dc.identifier.citation | 一、 中文參考文獻
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92651 | - |
| dc.description.abstract | 隨著氣候議題發酵，永續轉型的落實亦日益迫切，綠色債券作為綠色計畫資金籌集的金融工具之一，不僅具經濟利益，更有助加速永續轉型推動。然而因綠色債券發行存在資訊不對稱問題，使市場未必得正確識別綠色性，從而可能導致不肖發行人藉以洗綠。
為避免洗綠將使市場不信任綠色債券，需解決該等資訊不對稱問題，惟因現行證券相關規範無法妥適處理綠色債券特有的洗綠疑慮，故我國證券櫃檯買賣中心即於2017年推出《綠色債券作業要點》對綠色債券發行進行規範。該作業要點雖歷經數次增修，然仍無法改善綠色債券市場中認定標準不一、揭露不透明、監督機制運作疑慮以及究責機制不足的問題，從而無法改善綠色債券資訊不對稱的缺失，使市場仍留有洗綠懷疑。 為對我國現行綠色債券監管規範進行檢討，本文將先以GBP與CBS的國際市場準則出發，研討市場管制模式下存在的問題，並參輔《中國綠色債券原則》與EUGBS，以探討公權力宜介入綠色債券監管的程度。本文認為，建立共通的綠色債券規範有所必要，雖可部分借用市場專業協助建構規範，然公權力仍需為一定程度監督並共同建立規範內容；且在維持可比性的前提下，可利用「遵循或解釋」部分放寬遵法要求，以適度因應多元綠色債券的需求以及快速變動的綠色科技，並可避免過度打擊市場發展。 | zh_TW |
| dc.description.abstract | With worsening climate change, it requires sustainability transitions to mitigate the problems. Green bonds are financial instruments that can finance green projects good for the environment, and they can also bring financial benefits to investors at the same time. However, there are information asymmetry problems with green bonds, making the market uncertain about whether they are truly green or not. The problems create some rooms for issuers to greenwash.
Hence, it is necessary to resolve the information asymmetry problems in order to prevent greenwashing, which may affect the trust of market participants on green bonds. Current securities regulations are not sufficient to solve greenwashing problems. In response, Taipei Exchange rolled out the “Taipei Exchange Operational Directions for Green Bonds” (the Directions) in 2017 to regulate the issuances of green bonds. Despite the Directions being updated many times, it is still not enough. Inconsistent green bonds standards, information opacity, gatekeeper dysfunction and lack of liability concerns still remain. This thesis first examines the existing international market regulations of GBP and CBS to identify the defects of market self-regulation and then considers the ”China Green Bond Principles” and the EUGBS to study what are the appropriate regulatory model and proper extent of interference by authorities. This thesis concludes that public authorities and private sectors have to mutually make contributions to build consistent regulations for green bonds. This thesis advises regulators to adopt “comply or explain” approach to provide some flexibilities to maintain the freedom and resilience of the markets. Thus, regulations will not overly restrict the markets and can be adaptable to the fast-changing green technologies, which can promote green bonds and beat greenwash at the same time. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-05-28T16:05:33Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-05-28T16:05:33Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員會審定書 I
謝辭 III 中文摘要 V ABSTRACT VII 第一章 緒論 1 第一節 研究動機 1 第二節 研究範圍 3 第三節 研究方法 4 第一項 文獻回顧法 4 第二項 比較研究法 4 第三項 政策分析法 4 第四節 研究架構 5 第二章 綠色債券概覽 7 第一節 綠色債券概述 7 第一項 綠色債券介紹 7 第二項 與綠色金融之關係 9 第三項 與永續債券的關係 11 第四項 與綠色貸款的比較 14 第二節 綠色債券市場現況 15 第一項 市場概況 16 第一款 歷史背景 16 第二款 全球市場 17 第三款 我國市場 18 第二項 發展動力 20 第一款 投資人負責任投資興起 20 第二款 發行人參與綠色債券市場的動機 26 第一目 公司治理目的變遷的影響 26 第二目 氣候法規與國際金融指導原則的影響 32 第三款 國際趨勢與政府政策 35 第三項 發展動力於我國的實踐 37 第一款 機構投資人負責任投資 37 第二款 法規對企業的要求 38 第三款 政府政策的推動 41 第三節 小結 44 第三章 綠色債券效益與洗綠風險 45 第一節 綠色債券效益 45 第一項 對投資人的效益 45 第一款 負責任投資的實現 45 第二款 分散投資 46 第一目 風險最小化 47 第二目 回報最大化 49 第二項 對發行方的效益 50 第一款 信號效應（signal effect） 50 第二款 綠色暈輪效應（green halo effect） 51 第三款 降低籌資成本 52 第四款 緩和氣候風險 55 第五款 滿足經營階層的受任人義務 56 第三項 小結 57 第二節 綠色債券洗綠（GREENWASHING）風險 58 第一項 洗綠概念說明 58 第二項 綠色債券的洗綠問題 60 第一款 資訊不對稱的類型 60 第一目 隱藏特性（hidden characteristic） 61 第二目 隱藏行為（hidden action） 61 第二款 資訊不對稱的結果 62 第一目 資訊隱藏特性所致之逆選擇 62 第二目 隱藏行為所致之資源分配無效率 63 第三項 解決資訊不對稱的方式 64 第一款 解決方法－「信號」與「動機」 64 第二款 現行監管規範 66 第一目 揭露要求 66 第二目 監督機制 68 第三目 究責機制 70 第四項 現行規範監管綠色債券洗綠問題的不足 72 第一款 欠缺「綠色」判斷標準 72 第二款 揭露報告透明性與一致性不足 75 第三款 監督機制運作疑慮 77 第四款 究責機制相容性問題 79 第三節 小結 83 第四章 綠色債券洗綠問題監管研究 85 第一節 國際市場準則 85 第一項 ICMA-GBP 86 第一款 綠色債券標準 86 第二款 揭露框架 87 第三款 外部評估 89 第二項 CBI-CBS 91 第一款 綠色債券標準 92 第二款 揭露要求 92 第三款 外部評估－認證 95 第三項 國際市場準則落實情形 96 第四項 國際市場準則評析 99 第二節 管制模式的檢討 102 第一項 市場自我管理模式 103 第一款 以市場機制回應規範密度與規範強度的不足 104 第二款 市場自我管理模式的評析 108 第二項 公權力管制模式 113 第一款 以公權力補足規範密度與規範強度的不足 113 第二款 公權力管制模式評析 116 第三項 公私協力管制模式 117 第一款 兼具市場自我管理與公權力管制的優點 118 第二款 例一：中國綠色債券原則 120 第三款 例二：歐盟綠色債券標準（EUGBS） 124 第四項 對我國管制態樣的啟發 130 第三節 小結 134 第五章 我國綠色債券監管模式建議 139 第一節 我國現行管制模式 139 第一項 規範沿革 139 第二項 作業要點內容介紹 140 第一款 綠色債券標準 140 第二款 揭露規定 141 第三款 外部評估規定 143 第四款 究責機制 145 第三項 作業要點監管模式評析 145 第一款 具有「公私協力」性質的交易所表列管制模式 145 第二款 我國規範模式評析 149 第一目 綠色債券標準仍不明 150 第二目 未能標準化揭露要求 152 第三目 外部評估運作疑慮 154 第四目 究責規定不足 155 第二節 我國綠色債券管制模式之建議 156 第一項 充實規範密度與折衷規範強度 157 第二項 具體規範建議 164 第一款 綠色債券標準設計 164 第二款 揭露內容標準化 168 第一目 投資計畫書 168 第二目 資金運用報告 172 第三款 外部評估要求 174 第四款 究責機制建立 176 第三節 小結 179 第六章 結論 187 參考文獻 195 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 公私協力管制 | zh_TW |
| dc.subject | 信號機制 | zh_TW |
| dc.subject | 資訊不對稱 | zh_TW |
| dc.subject | 洗綠 | zh_TW |
| dc.subject | 綠色債券 | zh_TW |
| dc.subject | green bonds | en |
| dc.subject | greenwash | en |
| dc.subject | information asymmetry | en |
| dc.subject | signal theory | en |
| dc.subject | public-private partnership | en |
| dc.title | 綠色債券洗綠防止－以管制模式為中心 | zh_TW |
| dc.title | The Prevention of Greenwashing in Green Bond: Advising on the Supervisory Models | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 林仁光;陳盈如 | zh_TW |
| dc.contributor.oralexamcommittee | Jen-Guang Lin;Ying-Ju Chen | en |
| dc.subject.keyword | 綠色債券,洗綠,資訊不對稱,信號機制,公私協力管制, | zh_TW |
| dc.subject.keyword | green bonds,greenwash,information asymmetry,signal theory,public-private partnership, | en |
| dc.relation.page | 215 | - |
| dc.identifier.doi | 10.6342/NTU202304546 | - |
| dc.rights.note | 同意授權(限校園內公開) | - |
| dc.date.accepted | 2024-05-06 | - |
| dc.contributor.author-college | 法律學院 | - |
| dc.contributor.author-dept | 法律學系 | - |
| dc.date.embargo-lift | 2029-04-29 | - |
| 顯示於系所單位： | 法律學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-112-2.pdf 未授權公開取用 | 3.13 MB | Adobe PDF | 檢視/開啟 |
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