作者：于孝建，华南理工大学经济与金融学院金融学系副教授，华南理工大学金融工程研究中心副主 任，大湾区数智金融与风险管理研究基地执行主任 洪雪玲，华南理工大学经济与金融学院 在"双碳"战略目标提出后，如何通过金融创新推动高碳企业转型成为学界与业界的共同关切。可持续发 展挂钩债券（SLB）自2021年在我国推出以来，被定位为填补绿色债券覆盖不足的重要工具，尤其是为 钢铁、水泥、煤电等传统行业提供低碳转型融资支持。然而，SLB的真正价值并非在于融资规模的扩 展，而在于其是否能够通过制度化的要素设计，倒逼企业做出实质性的转型承诺并切实执行。当前，学 界与市场均对这一工具存在疑问：其设计是否足够科学？能否有效约束机会主义行为？是否可能在实践 中异化为形式化合规的"漂绿"产品？围绕这些问题展开研究，有助于厘清SLB的政策功能与市场边界。 一、核心要素的制度逻辑 但与此同时，市场发展也暴露出一些值得关注的问题：KPI未紧密联系碳排放目标，部分SPT设定仍缺 乏进取性，债券特性的灵活性与约束力有待增强，信息披露覆盖范围仍需拓展，第三方验证市场尚处在 成长阶段。这些问题并非削弱了SLB的价值，而是凸显了未来制度建设中亟待完善的 ...

Core Viewpoint - The global transportation investment and financing sector is facing significant challenges due to economic recovery issues, geopolitical conflicts, and climate change pressures, leading to funding gaps and high project risks [1] Group 1: Current Challenges in Transportation Investment - There is a huge funding gap in transportation infrastructure, especially in developing countries, where the demand for investment exceeds limited public financial inputs and market financing channels [1] - High project risks and insufficient investment confidence are prevalent, as geopolitical changes, market fluctuations, and technological advancements create multiple risks that deter private capital and long-term investors [1] - The disconnection between financing rules and operational mechanisms complicates cross-border project coordination and increases costs [1] Group 2: Recommendations for Improvement - Establishing a mechanism for cooperative platforms and exploring innovative financing models, such as public-private partnerships and diversified financing tools like real estate investment trusts and green bonds, is essential [2] - Integrating green development standards into transportation financing mechanisms is necessary to promote sustainable practices [2] - Enhancing capacity building and knowledge sharing, particularly in underdeveloped regions, will improve the financing viability and success rates of transportation projects [2] Group 3: Challenges for Chinese Enterprises in International Infrastructure - Chinese enterprises face difficulties transitioning from contractors to investors, as they primarily operate under the EPC model and lack investment and long-term operational management capabilities [3] - Increased international uncertainty, including economic slowdowns and geopolitical risks, complicates project financing and risk management [3] - Many enterprises struggle with financing due to inadequate capabilities and a lack of diversified financing solutions, leading to high costs and limited access to international capital [3] Group 4: Strategic Suggestions for Infrastructure Financing - Policy improvements are needed to enhance institutional design and support for infrastructure financing, including the establishment of a global risk warning platform [4] - Companies should develop a comprehensive business model that integrates investment, construction, and operation, while enhancing project financing and risk management capabilities [4] - Consulting firms should shift from technical services to comprehensive lifecycle support and strengthen international standards to gain recognition from financial institutions [4]