绿色债券对银行盈利的影响及作用机制

The Impact and Mechanism of Green Bonds on Banking Profitability

绿色债券是优化银行资源配置,促进经济绿色发展的重要工具。以《关于构建绿色金融体系的指导意见》的实施作为准自然实验,选取2011-2020年中国180家银行的面板数据,运用双重差分法实证研究绿色债券对银行盈利的影响。研究结果显示:(1)发行绿色债券能够显著提升银行的盈利能力;(2)发行绿色债券通过降低经营成本和业务多元化来实现对盈利能力的提升,且经营成本的降低为主要传导渠道;(3)政策效果在不同类型的银行之间具有明显的异质性。建议商业银行积极开展绿色债券业务,政府应加大政策支持力度,制定差异化的金融激励政策与完善信息披露机制等。

Green bond is an important tool for optimizing bank resource allocation and promoting green economic development. The paper takes the implementation of Guiding Opinions on Building a Green Financial System as a quasi-natural experiment,selects panel data from 180 banks in China from 2011 to 2020, and uses the difference-indifference model to empirically study the impact of green bonds on banking profitability.The results show that issuing green bonds can significantly improve banking profitability by reducing operating costs and diversifying operations, in which operating costs reduction is the main transmission mechanism, and the policy effect is obviously heterogeneous among different types of banks. It is recommended that commercial banks actively develop green bonds business, and the government should enhance policy support, formulate differentiated financial incentive policies and improve information disclosure mechanisms.