市场导向型环境金融创新研究
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摘要
环境金融是金融业应对环境保护需要而产生的创新性金融模式,是金融业发挥对经济可持续发展重要作用的途径。环境金融依托于环境经济学和金融创新的基本理论,强调市场化宏观金融市场化管理和对微观金融创新的激励。为应对尖锐的资源环境压力,实现我国经济增长与环境保护并重的可持续增长,就有必要大力推动环境金融创新发展。为此,我国也明确提出转变经济增长方式,实现从主要运用行政方法到综合运用经济市场方法转变的改革目标。在此背景下,基于政府与市场关系的视角对环境金融创新进行系统研究并提出我国的发展建议具有重要的理论和现实意义。
论文提出市场导向型的环境金融创新的研究思路,探讨基于市场的环境金融管理政策工具创新,以及金融机构基于风险和收益平衡下的主动性环境金融创新。论文首先对国内外环境金融的研究和发展进行了综述,指出本文针对有效利用市场化机制推动环境金融创新的研究意义和切入点,提出立足于市场导向的环境金融创新的研究意义,并提出论文的研究目标、研究内容和研究方法,为本文的分析框架提供支撑。
论文在理论部分首先归纳了环境金融创新的理论基础。对可持续发展理论、可持续金融理论、金融创新等基础理论进行了综述,并依据政府与市场关系、政策性金融功能等对政策性环境金融创新的理论基础进行综述,从金融功能观、企业社会责任及利益相关者理论对商业性环境金融创新的理论基础进行了综述。在理论综述基础上,论文对环境金融及环境金融创新的内涵、特征及分类进行了探讨,指出基于市场的政策性环境金融管理创新和商业性环境金融创新的分类,提出由市场型政策性环境金融创新和主动型商业性环境金融创新所组成的“市场导向型环境金融创新”的概念,指出环境金融创新的市场导向发展趋势。借鉴金融创新基本理论,对环境金融创新的动因进行分析。在政策性环境金融对商业性环境金融创新的作用机理分析中,论文对政策性环境金融的资金支持机制及对商业性环境金融创新的额外性及杠杆放大效应进行了分析,并针对低碳环保项目在可融资能力和技术发展周期中死亡谷瓶颈提出了政策性环境金融撬动商业性环境金融的途径。
在国际经验分析部分,论文对政策性和商业性环境金融创新的国际实践进行分析和经验总结。整体而言欧美国家的银行业主动性环境金融发展已有较好规模,社会责任投资在欧美资本市场已进入主流,其经验其有借鉴意义。论文对国际政策性金融机构运用市场化环境金融管理工具改变商业性金融机构的风险收益状况,从而激励商业性环境金融创新的产生和扩散的经验也进行了分析归纳。
论文在对我国环境金融现状的分析中,通过对我国商业银行绿色信贷执行现状的评价和绩效实证研究,指出我国商业银行环境金融创新还处于非常初步的阶段,主动性创新不足。资本市场环境类社会责任投资产品创新也很缓慢,而且通过对社会责任投资基金和社会责任指数绩效的实证研究表明兼顾环境责任的资本市场投资绩效并不低于传统的投资方式,所以对SRI未能形成主流投资形式的原因需要探讨。由于我国环境政策的总体背景和政策性银行改革的现状,我国政策性环境金融在运用市场化管理手段引导商业银行环境金融创新的功能方面还比较缺乏。
论文最后结合我国环境金融创新的现状和国际经验,提出完善我国市场导向型环境金融创新外部环境、创新市场型政策性金融管理工具、激励商业银行和资本市场主动性环境金融创新的建议措施。
Environmental finance is the financial industry's creative financial model in response to the environment protection need, which can play an important role in promoting the sustainable economic growth. To meet the China's economic growth model transforming requirements and handle the huge resources and environment pressure, China must realize the sustainable development, focusing on both economic growth and environment protection, and realize the transformation to the comprehensive use of market-based method administrative method. Under this background, the development of environmental financial innovation from the perspective of government and market relationship is the inevitable choice to achieve sustainable financial development. The study of the market-oriented environmental financial innovation has important theoretical and practical significance.
The paper puts forward the research idea of the market-oriented environmental financial innovation, and explores the innovation of the market-based environmental financial management tools and the commercial financial institution's environmental financial innovation on the risk and return balance principals. In the introduction,the paper makes a literature review of the environmental finance at home and abroad, points out the research significance of market-oriented environmental financial innovation, and then proposes the research objective, the research content and research method, which supporting the framework of this study.
In the theoretical analysis section, the paper first summarizes the theoretical basis of environmental financial innovation.The theory of sustainable development, the sustainable financial theory, financial innovation theory are reviewed, and government and market relationship theory, policy finance theory, corporate social responsibility and stakeholder theory are reviewed as well as.
On the basis of literature review, the paper explores the concept, feature and classification of environmental finance. The paper points out market-based environmental finance management innovation and offensive commercial environmental finance innovation should be defined as market-oriented environmental fiancial innovation, which shoud be the tendency and objectives for the environmental finance. By using the basic theory of financial innovation, the paper carries on the motivation analysis on environmental finance innovation, and discusses the functions of policy environmental finance to foster the demand of and supply of the environmental finance innovation and the innovation's diffusion. In the mechanism analysis, the paper explores the policy environmental finance funds support and guiding function, and expansion and the leverage effect to the commercial environmental finance innovation. Combining the low carbon projects financing bottleneck in bankability and technological cycle, the paper explores the ways that policy environmental finance can leverage the commercial environmental finance.
In the international experience analysis section, the paper analyzes the international practice of policy and commercial environmental finance innovation and summarizes the experience. In general the European and the US banking sector and capital market environment have a relatively leading position in this field, which can give useful experience in the banking products, financial market environmental finance innovation. The multilateral international financial institutions and some national policy banks have innovated different tools to change the risk and demand position of the environmental finance innovation, which stimulates the commercial environmental finance, and creates leverage expansion effect.
The paper then analyzes the status quo of China's environmental finance innovation. After evaluation the commercial banks' green credit status and the fiscal performance for the environmental responsibility behavior, the paper points out that the innovation of environmental finance of commercial banks in China is still at a very preliminary stage. Through empirical research on the social responsible investment funds and social responsibility index performance, the paper shows that the performance of environmental responsibility investment is not lower than the traditional f investment. So it is necessary to explore the underlying reason why the commercial environmental finance cannot develop to the mainstream form. The policy banks are the main channel to manage the environmental finance, but Chinese policy environmental finance is still relatively weak at marketed-oriented operation. In the last part, the paper puts forward the suggestions to the improvement of the outer conditions of market-oriented environmental finance innovation, proposes the measures that should be taken to create market-based policy environmental finance tools, and to encourage the commercial banks and capital market offensive environmental financial innovation.
论文提出市场导向型的环境金融创新的研究思路,探讨基于市场的环境金融管理政策工具创新,以及金融机构基于风险和收益平衡下的主动性环境金融创新。论文首先对国内外环境金融的研究和发展进行了综述,指出本文针对有效利用市场化机制推动环境金融创新的研究意义和切入点,提出立足于市场导向的环境金融创新的研究意义,并提出论文的研究目标、研究内容和研究方法,为本文的分析框架提供支撑。
论文在理论部分首先归纳了环境金融创新的理论基础。对可持续发展理论、可持续金融理论、金融创新等基础理论进行了综述,并依据政府与市场关系、政策性金融功能等对政策性环境金融创新的理论基础进行综述,从金融功能观、企业社会责任及利益相关者理论对商业性环境金融创新的理论基础进行了综述。在理论综述基础上,论文对环境金融及环境金融创新的内涵、特征及分类进行了探讨,指出基于市场的政策性环境金融管理创新和商业性环境金融创新的分类,提出由市场型政策性环境金融创新和主动型商业性环境金融创新所组成的“市场导向型环境金融创新”的概念,指出环境金融创新的市场导向发展趋势。借鉴金融创新基本理论,对环境金融创新的动因进行分析。在政策性环境金融对商业性环境金融创新的作用机理分析中,论文对政策性环境金融的资金支持机制及对商业性环境金融创新的额外性及杠杆放大效应进行了分析,并针对低碳环保项目在可融资能力和技术发展周期中死亡谷瓶颈提出了政策性环境金融撬动商业性环境金融的途径。
在国际经验分析部分,论文对政策性和商业性环境金融创新的国际实践进行分析和经验总结。整体而言欧美国家的银行业主动性环境金融发展已有较好规模,社会责任投资在欧美资本市场已进入主流,其经验其有借鉴意义。论文对国际政策性金融机构运用市场化环境金融管理工具改变商业性金融机构的风险收益状况,从而激励商业性环境金融创新的产生和扩散的经验也进行了分析归纳。
论文在对我国环境金融现状的分析中,通过对我国商业银行绿色信贷执行现状的评价和绩效实证研究,指出我国商业银行环境金融创新还处于非常初步的阶段,主动性创新不足。资本市场环境类社会责任投资产品创新也很缓慢,而且通过对社会责任投资基金和社会责任指数绩效的实证研究表明兼顾环境责任的资本市场投资绩效并不低于传统的投资方式,所以对SRI未能形成主流投资形式的原因需要探讨。由于我国环境政策的总体背景和政策性银行改革的现状,我国政策性环境金融在运用市场化管理手段引导商业银行环境金融创新的功能方面还比较缺乏。
论文最后结合我国环境金融创新的现状和国际经验,提出完善我国市场导向型环境金融创新外部环境、创新市场型政策性金融管理工具、激励商业银行和资本市场主动性环境金融创新的建议措施。
Environmental finance is the financial industry's creative financial model in response to the environment protection need, which can play an important role in promoting the sustainable economic growth. To meet the China's economic growth model transforming requirements and handle the huge resources and environment pressure, China must realize the sustainable development, focusing on both economic growth and environment protection, and realize the transformation to the comprehensive use of market-based method administrative method. Under this background, the development of environmental financial innovation from the perspective of government and market relationship is the inevitable choice to achieve sustainable financial development. The study of the market-oriented environmental financial innovation has important theoretical and practical significance.
The paper puts forward the research idea of the market-oriented environmental financial innovation, and explores the innovation of the market-based environmental financial management tools and the commercial financial institution's environmental financial innovation on the risk and return balance principals. In the introduction,the paper makes a literature review of the environmental finance at home and abroad, points out the research significance of market-oriented environmental financial innovation, and then proposes the research objective, the research content and research method, which supporting the framework of this study.
In the theoretical analysis section, the paper first summarizes the theoretical basis of environmental financial innovation.The theory of sustainable development, the sustainable financial theory, financial innovation theory are reviewed, and government and market relationship theory, policy finance theory, corporate social responsibility and stakeholder theory are reviewed as well as.
On the basis of literature review, the paper explores the concept, feature and classification of environmental finance. The paper points out market-based environmental finance management innovation and offensive commercial environmental finance innovation should be defined as market-oriented environmental fiancial innovation, which shoud be the tendency and objectives for the environmental finance. By using the basic theory of financial innovation, the paper carries on the motivation analysis on environmental finance innovation, and discusses the functions of policy environmental finance to foster the demand of and supply of the environmental finance innovation and the innovation's diffusion. In the mechanism analysis, the paper explores the policy environmental finance funds support and guiding function, and expansion and the leverage effect to the commercial environmental finance innovation. Combining the low carbon projects financing bottleneck in bankability and technological cycle, the paper explores the ways that policy environmental finance can leverage the commercial environmental finance.
In the international experience analysis section, the paper analyzes the international practice of policy and commercial environmental finance innovation and summarizes the experience. In general the European and the US banking sector and capital market environment have a relatively leading position in this field, which can give useful experience in the banking products, financial market environmental finance innovation. The multilateral international financial institutions and some national policy banks have innovated different tools to change the risk and demand position of the environmental finance innovation, which stimulates the commercial environmental finance, and creates leverage expansion effect.
The paper then analyzes the status quo of China's environmental finance innovation. After evaluation the commercial banks' green credit status and the fiscal performance for the environmental responsibility behavior, the paper points out that the innovation of environmental finance of commercial banks in China is still at a very preliminary stage. Through empirical research on the social responsible investment funds and social responsibility index performance, the paper shows that the performance of environmental responsibility investment is not lower than the traditional f investment. So it is necessary to explore the underlying reason why the commercial environmental finance cannot develop to the mainstream form. The policy banks are the main channel to manage the environmental finance, but Chinese policy environmental finance is still relatively weak at marketed-oriented operation. In the last part, the paper puts forward the suggestions to the improvement of the outer conditions of market-oriented environmental finance innovation, proposes the measures that should be taken to create market-based policy environmental finance tools, and to encourage the commercial banks and capital market offensive environmental financial innovation.
引文
1 转引自何德旭,张军州,创新、风险、保障：中国金融发展安全观,2012年11月,社会科学出版社,第170页
1 林毅夫：转型国家需要有效市场和有为政府,2013年11月17日,http://news.ifeng.com/exclusive/lecture/special/xingaige
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1 转引自：Marcel Jeucken. Sustainable Finance and Banking:the Financial Sector and the Future of the Planet[M]. London:Earthscan Publications Ltd.,2002.
1 Steve Waygood. How do The Capital Markets Undermine Sustainable Development? What can be done to correct this [J].Journal of Sustainable Finance & Investment,2011.6(16).
1 转引自何德旭等著《创新、风险、保障：中国金融发展安全观》.社会科学出版社,2012,P170
1 国际发展金融俱乐部发布官方报告(2012),http://www.idfc.org/Default.aspx
1 喻平,《货币银行学》(第2版),胡国晖主编,武汉理工大学出版社,2011,第358页
1 国家环保局政研中心《中国银行绿色信贷发展2010报告》
1 Philip Molyneux,, Nidal Shamroukh《金融创新》,中国人民大学出版社,译者前沿(周业安)第2页
2 同1, 第3页
1 Rod Newing,2010-6-3
2冯守尊,《赤道原则,银行业可持续发展的最佳实践》p33,上海交通大学出版社,2011年,第33页
1 白饮先,徐爱田,鸥建雄,《各国进出口政策性金融体制比较》,8-9页,北京,中国金融出版社,2002
1 联合国环境规划署UNEP《利用公其财政机制激励私有部门应对气候变化的投资》报告(2009)
1 转引自朱忠明,祝健等,社会责任投资,中国发展出版社.2010.第226页
2 创立于1990年5月的多来尼指数(Domini 400 Social Index)是美国第一个以社会性与环境性议题为筛
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2冯守尊,《赤道原则,银行业可持续发展的最佳实践》p33,上海交通大学出版社,2011年,第33页
1 白饮先,徐爱田,鸥建雄,《各国进出口政策性金融体制比较》,8-9页,北京,中国金融出版社,2002
1 联合国环境规划署UNEP《利用公其财政机制激励私有部门应对气候变化的投资》报告(2009)
1 转引自朱忠明,祝健等,社会责任投资,中国发展出版社.2010.第226页
2 创立于1990年5月的多来尼指数(Domini 400 Social Index)是美国第一个以社会性与环境性议题为筛
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