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一夫三女乱爱,打造你的专属视频风格,轻松吸引眼球!
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一夫三女乱爱,打造你的专属视频风格,轻松吸引眼球!

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  本报记者 田 鹏

  4月16日,咸阳市城市发展集团有限公司2025年面向专业投资者非公开发行低碳转型挂钩公司债券(第二期)正式开始计息;同日,国家电投—广西电力第2期清洁能源绿色碳中和资产支持专项计划(革命老区)开始计息;4月11日,东方电气股份有限公司成功完成向特定对象发行股票,募集资金总额达41.23亿元,系2021年以来A股发电设备行业规模最大的定向增发项目……近期接连落地的多个项目,充分彰显出A股市场“股债”联动的多层次金融服务体系在做好绿色金融大文章方面的重要作用。

  据《证券日报》记者不完全统计,今年以来,湖南、北京、深圳、山东、江苏、浙江、陕西等地纷纷出台政策举措,强调充分利用多层次资本市场优势,全力做好绿色金融大文章。

  中航证券首席经济学家董忠云在接受《证券日报》记者采访时表示,与传统银行信贷不同,资本市场通过股票、债券、绿色金融衍生品等直接融资途径,为绿色产业企业提供长期、稳定的资金支持。特别是在新能源、节能环保等重资产、长周期领域,资本市场的风险分散特点,可减轻单一金融机构的融资负担。此外,资本市场的价格发现功能,能引导社会资本流向减排效益突出的项目,提升资源配置效率。

  实现资源高效配置

  今年以来,多地聚焦资本市场在资源配置与多元化融资方面的关键优势,出台一系列相关政策。例如,中国人民银行深圳市分行联合深圳金融监管局、深圳证监局等部门印发的《关于统筹做好深圳绿色金融大文章 支持碳达峰试点城市建设的行动方案》提出,“支持绿色债券、蓝色债券、碳中和债券、可持续发展挂钩债券等发行、承销和投资”“支持开展基础设施领域不动产投资信托基金(REITs)试点”。

  各地为何如此重视资本市场在绿色金融发展中的作用?一方面,资本市场所构建的多元化融资渠道,为绿色企业提供了丰富且多元的选择。

  以2025年为例,据Wind资讯数据统计,截至目前,年内共计有104只绿色债券通过交易所市场发行,发行规模合计达633.04亿元;同时,有13只绿色资产支持专项计划(ABS)发行上市,发行规模合计达156.17亿元;此外,从股权融资方面来看,年内有8家电气设备类公司通过首发或增发形式合计募集资金110.56亿元,用于绿色项目建设。

  另一方面,资本市场能够凭借强大的资源整合能力,精准引导资金流向那些具有高成长性和发展潜力的绿色产业与项目,实现资源的高效配置。

  今年以来,沪深交易所、中证指数和国证指数先后发布深港通绿色低碳指数、国企ESG50指数、民企ESG50等8条绿色指数。前述绿色指数的发布,不仅为投资者提供了更为精准的绿色投资标的和参考依据,而且进一步推动市场资金向绿色产业汇聚。

  东方金诚绿色金融部副总经理方怡向对《证券日报》记者表示,资本市场在支持绿色产业发展方面较其他融资渠道优势显著,其融资流程规范标准,投资者与产品发行方式多样,资金来源广泛,能满足绿色项目中长期资金需求。同时,可为投资者提供多元投资工具及风险分散机制。

  标准体系加速完善

  资本市场在助力绿色金融方面大有可为,但同时也面临着一些挑战。

  “当前资本市场绿色融资的主要挑战是相关信息披露标准不统一,信息不对称问题可能导致投资者难以精准评估项目的环境效益和商业化盈利前景,进而可能推高企业融资成本。”董忠云对《证券日报》记者表示。

  2025年2月份,中国证监会发布的《关于资本市场做好金融“五篇大文章”的实施意见》围绕“完善资本市场绿色金融标准体系”提出,“持续优化绿色债券标准,统一募集资金用途、信息披露和监管要求,研究完善评估认证标准”“鼓励评级机构将环境信息指标纳入债券发行评级方法”等要求。

  随着相关政策举措持续发力,资本市场绿色金融标准体系将不断完善,信息披露将更加规范透明,资本市场在绿色金融领域的潜力将得到更充分释放。

  具体来看,方怡向对《证券日报》记者表示,一方面,绿色金融工具与机制持续创新升级,除传统的绿色信贷、债券外,REITs、绿色投资基金、相关资管产品愈发丰富,碳市场扩容催生碳期货等衍生品,各证券板块协同助力绿色IPO,全方位提升对绿色产业的支持;另一方面,信息科技与绿色金融深度融合,大数据、人工智能、区块链等技术赋能,助力项目风险评估、投资决策及保障交易安全;同时,在政策与市场需求推动下,绿色创业投资聚焦绿色领域,促使细分绿色技术蓬勃发展,助力初创企业加速绿色技术转化应用,为各行业绿色转型与经济高质量发展注入新动力。

  “资本市场不单单要做绿色金融的资金供给者,更要成为绿色产业生态的构建者。”对于如何适应上述新趋势,董忠云表示,其一,完善绿色金融基础设施,降低市场交易成本;其二,强化政策协同,推动交易所与碳市场互联互通;其三,培育专业投资者群体,提升市场定价效率。

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