Research question
Is disclosure-based greenwashing risk reflected in China’s green-bond issuance spreads, and does any relationship depend on issue or issuer conditions?
Context
The study treats greenwashing risk as an empirical measurement problem before treating it as a pricing question.
Method
A rule-based score represents disclosure quality, KPI consistency, and project specificity. Issue-spread regressions and conditional portfolio sorts include recorded controls for rating, maturity, guarantee structure, issue size, and issuance timing.
Validation
The design compares specifications and conditional groups rather than interpreting one coefficient in isolation.
Current result
The conservative reading recorded by the earlier archive is that market discipline appears conditional rather than cleanly present or absent. No numeric estimate is republished here.
Limitations
Disclosure measures can be incomplete, rule weights are contestable, and observational regressions do not by themselves establish causality.
Public artifact
The public record consists of the research question, score construction categories, and empirical design.
Next question
Does the relationship persist under alternative disclosure definitions and issuer-level fixed effects?