蓝色债券作为绿色债券的子类，是募集资金专项投向海洋可持续发展领域的新型债券工具，其发行与运作机制与一般债券相似，但具有鲜明的海洋导向性。现有研究明确了蓝色债券的基本特征、募集资金用途及国内外投资领域的差异，国内主要投向海水淡化与海上风电项目，而国际范围更侧重于宏观海洋生态保护。投资效率的测度方法中，Richardson模型与数据包络分析法（DEA）应用广泛，但针对蓝色债券与投资效率关联的实证研究仍较缺乏。本文通过梳理蓝色债券特性、投资领域及效率测度方法，为探究蓝色债券发行对具体企业投资效率的影响提供理论依据，并指出当前研究在案例分析与成效评价方面的不足。

Blue bonds, as a subcategory of green bonds, represent a novel bond instrument that channels raised funds specifically toward marine sustainable development. Their issuance and operational mechanisms resemble those for conventional bonds, yet they exhibit a distinct marine orientation. Existing research has clarified the fundamental characteristics of blue bonds, the purposes of raised funds, and differences in investment domains between domestic and international contexts. Domestically, investments primarily target seawater desalination and offshore wind power projects, while internationally, the focus leans more toward macro-level marine ecological conservation. Among investment efficiency measurement methods, the Richardson model and Data Envelopment Analysis (DEA) are widely applied, yet empirical research linking blue bonds to investment efficiency remains scarce. This paper reviews blue bond characteristics, investment domains, and efficiency measurement approaches to provide theoretical grounding for examining how blue bond issuance impacts corporate investment efficiency. It also identifies current research gaps in case studies and performance evaluation.