政策性银行助力绿色金融发展的引导效应研究

Research on the Guiding Effect of Policy Banks in Promoting Green Finance Development

绿色金融体系的协调与高质量发展,需要充分发挥政策性金融的引导效应。从信息溢出、风险分散和收益显化三个层面,阐析政策性金融引导商业性金融绿色投融资的路径机制,并基于2008—2022年上市商业银行数据进行引导效应的实证检验。研究发现,政策性金融通过先期支持绿色主体,能够吸引商业性金融投入更多的绿色资金。政策性金融可以溢出政策和行业信息,降低和分散绿色项目风险,挖掘和显化具有潜在经济收益的绿色项目。但实证结果也表明,引导效应的作用发挥仍有提升空间,尤其体现在风险分散和收益显化机制运转方面。因此,需要持续创新政策性金融工具、优化传导机制,充分提高服务绿色发展的质效。

The coordination and high-quality development of the green finance system need to give full play to the policy finance’unique guiding effect.This article analyzes the transmission path mechanism of policy finance’initiative in inducing green investment and financing in commercial finance from three levels:information spillover,risk diversification,and benefits visualization.It also conducts an empirical test based on the data of listed commercial banks from 2008 to 2022.It has found that policy finance can attract commercial finance to invest more green funds by providing early support to green entities.Policy finance can overflow policy and industry information;reduce and diversify the risks of green projects;explore and visualize green projects with potential economic benefits.However,the empirical results also show that there is still much room for improvement of the guiding effect,especially in terms of the operation of the risk diversification and benefits visualization mechanism.Therefore,it should constantly innovate policy financial instruments,optimize the transmission mechanism,and fully improve the quality and efficiency of serving green development.