产业绿色发展:政府行为、企业意愿与民间资本选择

Industrial Green Development: Government Behavior, Enterprise Willingness and Private Capital Choice

面对绿色金融体系构建初级阶段庞大的资金需求,如何积极有效地撬动民间资本融入绿色金融是当前缓冲产业绿色发展金融支持不足的有效路径。为此,构建基于地方政府、传统企业与民间资本的三方博弈模型,分析撬动民间资本助力绿色金融的现实困境,探究提升民间资本投资绿色金融意愿的有效路径。结果表明:地方政府补贴民间资本的消极态度、传统企业绿色转型下的短期利润下滑以及多元化理财市场的冲击是撬动民间资本助力绿色金融发展的主要阻碍。博弈演化规律显示,增强政府补贴力度并注重有效性,可以提升民间资本助力产业绿化的积极性;重点把握传统企业绿色发展的相对价值与长期效益,便于促进民间资本深度融入绿色金融;而根据民间资本风险偏好调整绿色金融工具杠杆并构建绿色金融投资组合,能够加强民间资本支持产业绿色发展的自主性。

Faced with the huge capital demand in the primary stage of green financial system construction,the key issue of current industrial green development lies in using active and effective way to stimulate private capital to support green finance.Therefore, this paper constructs a tripartite game model on the basis of local government,traditional enterprises and private capital.Then it analyzes the practical plight of urging private capital to support green finance.In addition,it explores the effective ways to enhance the willingness of private capital to invest in green finance.The results show that the negative attitude of local government subsidizing private capital,the profit decline in the short run under the green transformation of traditional enterprises and the impact of diversified financial markets are the main obstacles to stimulating private capital to support green finance. The evolution rule of the game indicates that it is necessary to enhance the investment preference of private capital for green finance by strengthening the degree and effectiveness of the subsidy for private capital.Also,it is important to pay attention to the relative value and long-term benefits of green financial investment targets and adjust the leverage of green financial instruments according to the risk preference of private capital.