為了解決全球暖化問題，綠色債券已成為企業獲取優惠資本的關鍵途徑之一。雖然綠色債券應用於環保改善，但由於監管機制不完善，無法保證企業真正提高綠色產能。因此，本研究建立了一個理論框架，並利用歐洲綠色債券數據來衡量企業漂綠行為可能導致的資本錯置。計算結果顯示，漂綠行為在歐洲債券市場普遍存在，並導致資本錯置，進而引起顯著的社會福利損失。研究還引入了若干反事實分析來進一步探討消除市場中漂綠行為的可能性。數據顯示，對綠色債券使用的嚴格監管能夠有效改善資本錯置問題，並與歐洲債券市場計算的社會福利呈正相關。

Motivated by the global trend to ease rising temperatures, the green bond is devised to be a founding source of businesses’ access to cheap capital. Though the green bond is supposed to be devoted to green production, the loose monitoring of its proper usage cannot guarantee a business’ green production improvement. Thus, this research develops a theoretical framework and utilizes the European green bond insurance dataset to gauge the potential capital misallocation due to the business’ greenwash behaviors. The computed results show that greenwash is prevalent in the European bond market and results in significant welfare loss due to capital misallocations by greenwash behaviors. Several counterfactual analyses are also introduced to investigate the eradication of greenwash in the market. The strict monitoring of green bond usage is shown numerically to improve capital misallocations, which would positively correlate with the computed social welfare in the European bond markets.

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