Evolutionary analysis of green credit and automobile enterprises under the mechanism of dynamic reward and punishment based on government regulation

To explore the green development of automobile enterprises and promote the achievement of the“dual carbon”target,based on the bounded rationality assumptions,this study constructed a tripartite evolutionary game model of gov-ernment,commercial banks,and automobile enterprises;introduced a dynamic reward and punishment mechanism;and analyzed the development process of the three parties’strategic behavior under the static and dynamic reward and punish-ment mechanism.Vensim PLE was used for numerical simulation analysis.Our results indicate that the system could not reach a stable state under the static reward and punishment mechanism.A dynamic reward and punishment mechanism can effectively improve the system stability and better fit real situations.Under the dynamic reward and punishment mechan-ism,an increase in the initial probabilities of the three parties can promote the system stability,and the government can im-plement effective supervision by adjusting the upper limit of the reward and punishment intensity.Finally,the implementa-tion of green credit by commercial banks plays a significant role in promoting the green development of automobile enter-prises.

Examining the Effects and Operational Mechanisms of Green Credit on Carbon Emissions in Chinese Regions

The utilization of a green financial system,particularly through the implementation of green credit,plays a pivotal role in fostering environmentally sustainable,low-carbon economic growth and facilitating the transition toward a more ecologically responsible economy.This paper employs a two-way fixed-effects model,utilizing provincial panel data spanning from 2012 to 2020,to investigate the influence of green credit on regional carbon emissions within different regions of China.The results reveal a significant reduction in carbon emissions as a consequence of the green credit program’s implementation.The analysis of the pathway indicates that green credit is instrumental in mitigating carbon emissions by instigating shifts in the energy mix,with evidence suggesting a partial mediating effect.Furthermore,a heterogeneity analysis discovered that the suppressive impact of green credit on carbon emissions is more pronounced in the eastern and western regions of China,while it is less significant in the central and northeastern areas.The implications of this study provide robust evidence in support of the role of green credit in reducing carbon emissions and can serve as a valuable resource for policymakers aiming to promote the expansion of green credit programs and,in turn,contribute to substantial reductions in carbon emissions.

Impact of the green credit policy on external financing,economic growth and energy consumption of the manufacturing industry

China attempts to achieve energy conservation,emission reduction and environmental protection through the implementation of the green credit policy,but its implementation impact is still controversial.An important content of the green credit policy is to require banking and financial institutions to tighten the credit exposure of industries of‘high pollution and high energy consumption’and industries with overcapacity,so as to use economic leverage to curb their blind expansion and reduce energy consumption by controlling external financing.This paper examined the impact and the lingering effects of the green credit policy on external financing,economic growth and energy consumption in the manufacturing industry,which was most influenced by the green credit policy,from 2003 to 2016 by using the DID method.Furthermore,this paper estimated the dynamic endogenous relationships among external financing,economic growth and energy consumption with two-step system GMM model to investigate the influential path of the green credit policy.The results showed that:the green credit policy had a significant negative impact on the external financing of manufacturing industry,but its negative impact on the economic growth and energy consumption of manufacturing industry was not statistically significant,and the effect of the green credit policy had a dynamic feature of weakening with time.Additionally,in the manufacturing industry,there was a bilateral causal relationship between the energy consumption and economic growth of the control group industry and the processing group industry.There was a bilateral causal relationship between the economic growth and external financing of the control group industries in the manufacturing industry.There was a unilateral causal relationship between the economic growth and external financing of the processing group industries in the manufacturing industry,while the external causality existed between the control group industries and the processing group industries in the manufacturing industry.The causal relationship between the financing and energy consumption was not statistically significant.At present,the transmission path of the green credit policy is that the green credit policy controls external financing,then affects economic growth and ultimately inhibits energy consumption,but the effectiveness of the path is not statistically significant.The conclusion of this paper provides policy reference and scientific basis for the adjustment and improvement of green credit.

Analysis of the Problems and Countermeasures of China’s Green Credit

At present, China’s green credit market is the most important channel for green financing and has a great influence on the development of China’s green finance. Based on the collection and arrangement of the related data and information, the paper points out the main problems which is existing in China’s green credit by figures and examples from aspects of detail standards of policies, the matching level between deposits and loans and the management ability of avoiding environmental risk. Furthermore, the paper puts forward corresponding countermeasures of the problems.

The Coupling Relationships and Influence Mechanisms of Green Credit and Energy-Environment-Economy Under China’s Goal of Carbon Neutrality

Under the goal of carbon neutrality,it is critical for China to give full play to the role of green credit,and promote the coordinated development of energy-environment-economy(3E)system.Based on the data of China from 2000 to 2020,the authors build the environmental pollution index,energy transformation index and high-quality economic development index.By using Bayesian network model(BN),the authors investigate the coupling relationships and influence mechanisms of green credit and 3E system.The results show that the main cause of environmental pollution is the annual increase of carbon dioxide emissions.Green credit can reduce carbon emissions to a certain extent,and alleviate environmental pollution through energy structure,technological progress and per capita GDP.Clean energy utilization and per capita GDP growth also help to control environmental pollution.Green credit can stimulate technological progress and accelerate energy transformation together with technological progress.Clean energy utilization can facilitate the upgrading of industrial structure,industrial structure upgrading and green credit can restrict the level of opening up.Technological progress promotes per capita GDP growth.Per capita GDP growth can reduce energy intensity and improve urbanization and per capita energy consumption.

绿色信贷政策促进企业绿色技术创新了吗?

我国现代化建设进入了生态文明发展新阶段,企业绿色技术创新是“减污降碳协同增效”的关键动力,绿色信贷政策是否以及在多大程度上促进了企业绿色技术创新需要进行量化衡量,旨为绿色信贷政策更有效地促进企业绿色技术创新。在分析绿色信贷政策对企业绿色技术创新作用机理、归纳近些年绿色信贷政策与企业绿色技术创新的典型事实后,基于2007~2019年间A股上市工业企业样本数据,以受政策支持的绿色企业为实验组,未受支持的非绿色企业为控制组,利用PSM-DID模型开展准自然实验,得出绿色信贷政策对企业绿色技术创新具有显著的正向促进作用;并通过中介效应模型检验了促进作用是通过信贷规模与融资成本两种渠道缓解了企业融资约束;且通过异质性分析分别细化了政策因企业区位、企业所有权、企业规模的促进作用程度差异;最后,基于研究结论提出相应的对策建议。

绿色信贷政策与污染型僵尸企业治理:淘汰与转型的双重效应

以2007年绿色信贷政策出台为事件构造了准自然实验,基于中国工业企业数据库,采用双重差分法考察了绿色信贷政策对污染型僵尸企业的淘汰效应与转型效应及其影响机制。实证结果发现,政策显著增加了污染型僵尸企业的退出概率,且对于存续的污染型僵尸企业生产率提升具有显著的促进作用。绿色信贷政策淘汰效应的作用机制,来自融资可得性降低和融资成本增加导致的银行信贷资源配置合理化的影响;绿色信贷政策转型效应的作用机制,来自政策强化外部监督引致的代理成本下降。异质性分析发现,绿色信贷政策的淘汰效应和转型效应在环境规制强度较高、市场化水平较高的地区以及劳动力密集较低行业更显著,且淘汰效应在非国有企业更显著,转型效应在国有企业更显著。将绿色信贷政策与解决僵尸企业难题的有效结合,加快转变经济发展方式,对如何缓解信贷资源错配,加快推进僵尸企业治理提出相应的政策建议。

金融支持碳普惠制发展研究:制约因素、实践经验和对策建议

金融支持碳普惠制发展能实现微观领域碳减排和提升绿色金融服务能力的双赢目标。本文基于我国碳普惠制试点实践,分析我国碳普惠制发展面临的制约因素,在借鉴国外有关碳普惠制实践经验基础上,探索建立以金融碳账户为核心的碳普惠发展机制,从搭建碳征信服务体系、量化碳减排核算标准、优化绿色金融管理机制、完善正向激励配套措施等方面提出相关对策建议,助力我国绿色低碳发展目标的实现。

绿色信贷促进农业农村绿色产业发展路径探析

农业农村绿色产业是新时代乡村产业振兴的重要内容,绿色信贷是推动农业农村绿色产业发展的重要金融工具。当前农业农村绿色产业发展面临“经营风险大、投资回报率低、绿色信贷制度不完善、相关配套政策不足、绿色信贷不良率高、信贷周期长”等问题,制约了绿色信贷投放和绿色产业发展。为此,在农业农村绿色产业发展中,应完善绿色信贷政策扶持体系,健全绿色信贷市场机制,发展绿色信贷中介机构,提高金融机构的绿色信贷动力,发挥绿色信贷对农业农村绿色产业的金融服务功能。

绿色信贷对“两高”企业债务融资规模影响研究

党的十八大以来,我们党领导全国人民坚持以新发展理念为引领,坚定不移走生态优先、绿色发展道路,大力推行经济社会绿色发展转型升级并取得显著成效。在绿色发展进程中,绿色信贷这一金融利器发挥了应有的作用。以2012年《绿色信贷指引》的发布为切入点,选取2009—2022年A股“两高”企业上市公司作为研究样本,将企业异质性和区域异质性纳入绿色信贷政策实施的影响机制;同时加入产权和区域的交乘项进行回归分析。研究表明,绿色信贷在一定程度上降低了“两高”企业的债务融资规模,且对非国有企业与中西部地区企业债务融资水平的牵制更强。

绿色信贷政策能助力城市碳减排吗?——基于《绿色信贷指引》实施的准自然实验

以《绿色信贷指引》的实施为准自然实验,选取中国147个地级市的732家A股上市公司数据,采用双重差分法检验政策的实施对于城市碳排放的影响,并且进行了企业绿色专利和城市产业结构双重中介机制的检验。研究结果表明,绿色信贷政策促进了企业绿色创新并且优化了城市产业结构,实现了碳减排的目标。进一步分析发现,东部地区的政策实施效果比中西部地区更为理想,碳排放交易试点区的政策实施效果弱于非试点区。文章给出了政策的制定与实施应该综合考虑地区异质性和同期政策的影响等政策建议。

市场型环境规制与劳动收入份额——基于绿色信贷政策视角

本文以2012年颁布的《绿色信贷指引》作为研究对象,在理论层面分析了其影响劳动收入份额的作用机制,并基于微观企业数据,运用双重差分法评估该政策对企业劳动收入份额的具体影响。研究发现:(1)绿色信贷政策显著降低了污染企业劳动收入份额,作用渠道主要是加剧企业的资本深化过程,而不是缩减产出规模,同时外部融资约束也会对劳动收入份额产生影响;(2)该政策显著提升企业劳动生产率,并且资本深化过程对劳动生产率也会产生影响;(3)绿色信贷在市场集中度更高以及技术偏向较低的企业中对劳动收入份额的负向影响更大,同时企业更强的偿债能力对劳动收入份额具有正向作用。本文为进一步推进环境规制与劳动收入分配的协同发展提供了重要经验证据。

环境信息披露、绿色信贷政策迎合与企业价值

在国家大力推进生态文明建设背景下,环境信息披露是否以及如何影响企业价值仍然存疑。基于绿色信贷迎合视角研究环境信息披露对企业价值的影响机制,揭示不同融资约束程度上市公司的差异性“漂绿”路径,研究发现环境信息披露对企业价值具有正向作用,基于“漂绿”的绿色信贷政策迎合策略是上市公司披露环境信息的主要动机,融资约束程度高和融资约束程度低的上市公司分别通过预期现金流量效应和资本成本效应提升企业价值。进一步分析表明,非国有企业、披露货币性信息含量较多的企业环境信息披露的价值增值效应更大,但要防范其“漂绿”风险。上述结果为政策层面对企业环境信息披露质量的监管、金融机构对企业环境责任表现的有效甄别以及企业内部环境治理决策的优化,提供有益参考。

绿色信贷对乡村产业振兴的“助推”机制与“三重”困境——基于新型农业经营主体的微观视角

绿色发展是乡村产业的必由之路,而乡村产业振兴依托于新型农业经营主体,亟需绿色金融支持新型农业经营主体振兴乡村产业。绿色信贷作为绿色金融的“主力军”,已延伸至“三农”领域的产业升级、转型与拓展。根据“金融创新→行为引导→产业绿色发展”的逻辑思路,绿色信贷能够发挥资源配置功能,引导新型农业经营主体发展绿色农业、休闲农业和循环农业,继而助推乡村产业“绿色”振兴。其中,绿色信贷通过以下作用机制促进新型农业经营主体向“绿”发展:延伸升级农业产业链,提高农产品附加值;拓展农业产业功能,拓宽收入渠道;创新发展农业绿色技术,提升生产、交易效率。然而,在信贷业务经营的合规性、安全性、盈利性原则下,绿色信贷业务存在“门槛准入”“服务韧性”“产品增量”困境,需要政府部门建立健全绿色信贷政策体系,银行机构提升绿色信贷服务水平,新型农业经营主体带动发展乡村绿色产业,形成兼顾经济效益和生态效益的绿色信贷助推乡村产业振兴的发展格局。

绿色信贷、产业升级与居民收入增长

随着我国绿色信贷发展规模不断增加,分析绿色信贷影响居民收入的机制路径,也成为亟待解决的难题。为验证绿色信贷、产业升级与居民收入增长三者之间的关系,选取2005—2020年31个省份作为研究样本,借助空间莫兰指数检验和固定效应回归方法进行机制和影响关系验证。经实证研究发现,绿色信贷发展能够显著促进居民收入增长,并且验证了产业结构优化升级能够发挥中介效应,科技创新发展能够发挥调节效应。在后续的异质性分析中,得出绿色信贷发展能够更好地促进农村地区居民收入增长的研究结论,为实现我国居民创收、加快乡村振兴步伐,提供了充实的研究数据。

绿色信贷指引对重污染企业环境信息披露的影响

在可持续发展战略背景下,国家和民众对环保问题的关注程度日益提高。国家从多方面出台环保政策规制企业行为,绿色信贷便是从银行金融业出发,通过限制金融机构对企业的放贷行为,促使企业经营更低碳环保。基于我国A股上市公司数据,使用双重差分法探究2012年颁布的《绿色信贷指引》对重污染企业环境信息披露的影响,使用词典法和文本分析法对企业年报中“管理层讨论与分析”模块环境信息叙述性披露进行了分析。研究结果显示,绿色信贷政策的颁布确实对重污染企业的环境信息披露有积极影响。具体表现在企业年报的“管理层讨论与分析”模块中有关环保的叙述性披露更多,更具体且更具有可读性;这一结论经过内生性检验、安慰剂检验后依然成立。还探究了该影响的中介效应,发现绿色信贷政策既能直接影响重污染企业环境信息披露,也能通过提高企业融资约束以及环境代理成本使企业加强环境信息披露。此外,企业的所有权性质会对该过程起到调节作用,国有重污染企业会披露更多、更具体的环境信息;股权集中度高的公司倾向披露更少的环境信息,但披露的可读性更高。最后基于以上结论,提出相应的对策建议。

金融科技、商业银行绩效与绿色信贷增长

双碳背景下,研究金融科技发展对商业银行绿色信贷增长的影响效应,对促进银行业推动绿色转型,实现双碳目标具有重要意义。基于19家商业银行非平衡面板数据,运用固定效应模型和中介效应模型,实证分析了金融科技对商业银行绿色信贷增长的影响及作用机制。研究结果表明,金融科技能显著推动商业银行绿色信贷增长,其中金融科技的覆盖广度的影响更为显著;利用工具变量法检验后,结论仍然稳健;金融科技对不同类型的商业银行绿色信贷增长的影响存在异质性,国有银行过度依赖政策导向以及城市农商银行受限规模大小影响,导致金融科技对绿色信贷增长影响不显著。机制检验表明,金融科技可以通过提高商业银行绩效进而促进绿色信贷的增长。

绿色信贷对商业银行“三性”原则目标的影响研究

以16家商业银行2013—2022年经营数据为样本,把商业银行的安全性、流动性和盈利性用熵权法量化后作为被解释变量,引入商业银行性质作虚拟变量来构建动态面板数据模型,用系统广义矩估计实证研究绿色信贷对商业银行“三性”原则目标指数的影响和“三性”原则目标间的影响。研究结果表明:绿色信贷的推行对商业银行的安全性有抑制作用,对盈利性和流动性都具有正向促进作用;在推行绿色信贷的背景下,商业银行的安全性和盈利性互相促进,盈利性抑制流动性的提升,流动性促进安全性的提高,但安全性对流动性和流动性对盈利性的作用效果不明显;目前推行绿色信贷业务时商业银行性质对商业银行“三性”原则目标产生的影响不大。

我国贷款人民事责任的探索与法制建构

在“碳达峰、碳中和”目标下,绿色信贷已经成为绿色金融发展的重要支柱,但当前我国绿色信贷法律制度并不完善,基础性的贷款人民事责任尚处于空白状态,具体的归责原则、免责事由及责任形态均不明晰。其成因主要在于我国贷款人民事责任归责理论仍在争议之中,适用传统的归责理论具有一定的局限性。我国贷款人民事责任的建构须以明确的贷款人归责理论为基础,贷款人的环境侵权行为实际上属于间接侵权,可在间接侵权理论下建构以过错责任为主的归责原则,增加不同场景应用下豁免事由并承担连带责任的贷款人民事责任。

绿色信贷的实施是否改善了企业环境绩效?——基于企业技术创新的“协同效应”

以2012年《绿色信贷指引》的颁布为时间节点构造准自然实验,选取2008—2022年上市公司为样本,运用双重差分法分析绿色信贷政策对企业环境绩效的影响。研究结果表明:绿色信贷政策改善了企业环境绩效,企业技术创新能够促进企业环境绩效的提升。异质性分析表明,绿色信贷政策对高管学历背景较高、处于成长期的企业环境绩效的促进作用更明显。提出应从前端治理开始引导企业最终实现绿色化发展,企业应积极履行社会责任,不断提升自身的环境绩效。