美國企業長期以來不斷因濫用綠色債券和在美國債券市場中普遍存在的漂綠行為而備受質疑。在對漂綠之影響的廣泛定性討論基礎上，本研究透過建立一個理論架構，來衡量美國漂綠行為對資本錯置的影響。通過將美國債券數據應用於該理論框架，數據顯示美國債券市場中確實存在漂綠行為。由於漂綠所造成的資本錯置將導致社會福利惡化，本研究設計了多項數值模擬，展示了通過系統化的新監管措施能夠有效改善資本配置。新的監管措施將通過減少漂綠行為來提高社會福利。同時，此結果在不同參數組合設定下均顯示出穩健性。

The American-producing firms have long been doubted for misappropriating cheap green bonds and exhibiting widespread greenwash behavior in the American bond markets. On top of the extensive qualitative discussions on the query of effects caused by greenwash, this research contributes by developing a theoretical framework to gauge the capital misallocation effects of greenwash behaviors in America. By applying the American bond data to the theoretical framework, the greenwash is shown numerically existing in the American bond market. Given the worsening social welfare caused by the misallocated capital of greenwash, several numerical exercises are devised to show the prospective improving capital allocations from the systematic new monitoring regulations. The updated regulations would enhance social welfare from the ease of greenwashing behaviors. The results are shown to be robust on the different setups of parameter combinations.

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