【作者】 陈好孟；

【导师】 曹洪军；

【作者基本信息】 中国海洋大学 ， 环境规划与管理， 2010， 博士

【摘要】 绿色信贷是指环境管理部门和货币监管当局为遏制环境污染和生态破坏,通过信贷手段调控环境污染主体的信贷供给和资金价格,同时为清洁能源技术发展和节能降耗行为提供信贷支持,从而达到利用金融杠杆实现环保调控的信贷政策。绿色信贷制度则是指有关绿色信贷政策的原则、目标、对象、内容、手段和工具等一系列要素安排和设计的总称。绿色信贷制度和政策体系是环境金融政策体系最重要最核心的内容。我国正处于工业化、城镇化、市场化和国际化程度不断提高的发展阶段,经济发展方式还比较粗放,资源环境压力较大,环境污染、生态恶化等环境问题十分突出,已成为制约经济可持续发展的瓶颈和影响社会和谐的突出因素,加强环境保护、改善生态环境已刻不容缓。发挥金融手段在环境保护中的积极作用,重视环境金融政策体系研究,尤其是探讨建立完善我国绿色信贷制度,是实现可持续发展的环境经济政策体系的重要组成部分,是环境制度建设的重要内容,是我国当前及今后相当长时期经济社会发展面临的一个重要课题。本文认为,在环境问题已成为制约我国经济可持续发展和危害人类生存的重要因素的背景下,金融作为现代经济的核心,应当充分发挥其在环境保护中的作用。因为在市场经济条件下,金融业掌握着巨大的经济资源,金融的资金杠杆和资源配置功能对于推动环境保护、转变发展方式有着重要的作用,并在环境保护中具有独特的优势。与行政手段相比,环境保护金融手段具有刺激性而不是强制性,能够充分发挥市场机制的作用,提高经济运行效率。绿色信贷是环境金融的最重要组成部分,绿色信贷对促进治理环境污染是可以发挥其他手段和途径所难以企及有效作用的。但目前面临的问题是,尽管我国已经建立了环境金融的三大绿色制度体系,但运行效果并不理想,作为绿色金融的主体和核心,绿色信贷制度对环境问题的影响力与其在经济中的地位相比还没充分显现出来。与国外发达国家相比,我国绿色信贷制度建设较为落后。国外理论界和实务界分别从法律制度、金融市场和产品创新等诸多领域开展了研究和制度设计,建立了多层次全方位的绿色金融体系,形成了较为完备的绿色信贷制度体系和运作框架,有效促进了环境保护和可持续发展,较好的实现了环境风险转移、降低和减少污染排放物等环境目标。从国内的理论研究和实践探索情况看,关于绿色信贷的理论研究开展的相对还比较早,但深入不够,缺乏理论向实践的有效过渡和推广应用。我国绿色信贷制度构建和实践推广是在经济发展过程中因环境问题的矛盾激化推出的,因此其研究和实践主要是针对高耗能、高污染经济增长方式的治理而设计的,当前的绿色信贷制度虽然具有较强的针对性,但制度的体系设计不完整,配套措施不健全,操作难度大障碍多,而且具有较强的行政色彩,市场化手段不足,因此在很大程度上制约了我国绿色信贷制度手段的运用和发挥。本文运用计量经济学和博弈论等研究方法,实证分析探讨了我国经济增长与环境质量间的变动关系、信贷手段支持节能减排的有效性及绿色信贷主体间的行为博弈。研究结论表明,经济增长是我国环境污染增加的主要原因,环境污染同时已对经济增长产生约束作用,加强环境治理并不会影响我国经济发展速度,相反,增加环境治理投资会在促进经济总量增长的同时,促进经济效益和经济质量的提高和国民财富的增长。从我国实践看,市场经济地位确立以来,在政府行政干预和金融手段等外部因素的作用下,工业领域减排效果十分明显,金融业通过增加绿色信贷总量和大力调整信贷配给方式与结构分布,对促进节能减排发挥了不可替代的积极作用。本论文对绿色信贷主体间行为博弈的研究结果表明,绿色信贷制度的构建必须围绕银行进行。因为,与污染企业相比,对银行实施严厉监督和约束对于推行绿色信贷更具有现实性和可操作性。同时,要强化对污染事件的处罚力度,只有在处罚力度大到威胁信贷资金安全时,银行才会从根本上关注资金投向的环境风险因素。对企业而言,只有将污染成本作为企业发展的内在成本要素,企业才会有积极治污的动力。因此,政府要通过税收减免、产业政策、财政补贴等方式奖励企业的治污行为,鼓励企业加大治污投入。另外,完善对监管机构激励约束机制也十分必要。现实发展需要我们构建和完善我国的绿色信贷制度。遵循“政府先导、激约相容、立体推进”的指导原则,本文构建了我国绿色信贷制度体系。总体方案包括制度规划、制度目标和制度原则三部分内容,绿色信贷主体包括政府(含监管部门)、银行机构、企业,主体内容包含绿色信贷组织体系、绿色信贷决策机制、绿色信贷执行机制、绿色信贷监督约束机制、商业银行内部激励约束机制、绿色信贷工具选择六项内容；并需要依靠产业、财政政策以及法律等作为支撑和保障。本文研究成果不但丰富和完善了我国环境金融理论体系,拓展了绿色信贷研究成果,而且从实践层面为我国绿色信贷制度体系的建立,增强信贷手段在环境保护中的应用和成效,提供了理论支持,研究成果具有较强的理论价值和现实意义。研究成果可以为环境保护部门、中央银行等金融管理机关和金融机构等部门,制定和实施环境经济政策提供理论支持并拓展政策思路。更多还原

【Abstract】 Green credit is a credit policy supported by the Environmental Protection Authority together with the Monetary Authority for the purpose of constraining the enviromental pollution and ecological damage as well as supporting the development of clean energy technology and energy saving behaviours by means of controlling the supply of credit to polluters and manipulating polluters’ price of funds. The green credit system is a set of principle, objective, target, content, instrument and tool designed according to green credit policy.China is now on the way of industrialization, urbanlization, internationalisation and moving towards free market system. But its economic growth relies too much on input of labour and capital rather than technology and innovation. I.E. the mode of China’s economic growth has high environmental impact inherently which needs to be rapidly changed. Under this cicumstance the use of financial instruments in the envirnomental protection area should be one of most important parts of our economy sustainable development system. Therefore it is a key area of research interest of authorities and scholars who in desire of a sustainable development.In the context that environmental pollutions have seriously constrained China’s sustainable development and damaged people’s healthy, financial industry which is the core of mordern economy has social and polical responsibility and should play a more active role. Under the market condition, financial industry holds vast amount of economic resources. Leverage and the role of resources allocation are key advantages of financial industry on environmental protection. Compared to direct interventions of the government, environmental finance could minimize the efficiency loss of the economy, for the environment must be protect. Green credit is the most important part of environmental finance. However, althrough China has built up a system of 3 green finance regime, the performance of environmental finance is far from expection.Compared to developed nations who did similar things. China’s green credit regime has a large gap to catch up. Oversea scholars and institutions have been able to build up robust green credit regime which is supported by studies on legal, financial market and financial innovation issues. Those regimes are able to archive objectives of such significantly impovement of enviromental quality, removement of enviromental risk and reduce of pollutions and emissions. In China, althrough scholarships do exist at very early stage, unfortunately little progess has been made in practice. China’s regime is a consequence of the contradiction between fast economic growth and high environmental damge rather than a sophisticated forward-looking design. Therefore although it is highly relevant to issues generated by this fast-growth-and-high-damage economic mode, it is too simplistic, too difficult to be implemented, too much direct intervention, and too few market-driven, in the end it constrained, to a great extent, only its’own powerfulness.This study uses methodology from econometric theory and game theory. It did a empirical analysis on relationship between China’s economic growth and the environmental damage, measures the effectiveness of green credit instrument on CO2 emission abatement and games play between parties who are involeved in green credit. The study conclude that economic growth is the major cause of environmental damages in the meanwhile environmental damages will constrain further growth. Therefore tighten environmental control might not slow down the growth but gain sustainability, improved profit rate and impove social welfare. From China’s practice in recent years, we can see that emissions have been cut a lot through the joint effort of our garvenment and financial institutions, among which financial measures play a very important active role.This study suggests that bank supervision has to play a more active role in green credit regime. Comparing to supervision on pollution firms, supervision on banks is much more practical for the government. Therefore, it is necessary for government to raise environmental fines to such a level that it would thread bank’s loan. In addition, firms have to internalize their externality, which means tax and subside could play another great role. Moreover, the government has to raise fines up to a significant level to stop firms’ speculation and to reward the institutes who carry out supervisions. In the meawhile it is also necessary to improve our supervision authority’s constrain-incentive mechanism.China needs to refine its orientation of green credit policy and to build up a robust regime. This study suggestes a project of promote this orientation based on the combination of government power and constrain-incentive mechanism. This project includes three parts: project plan, project target and project principle. The project requires the participation of the government, banks, firms and supervision authorities. The main body of the project should consist green credit organization system, green credit decision making system, green credit supervision system, commercial bank’s internal reward/motivation system and green credit toolkit; it also needs to be supported by industrial policy, fiscal policy and the law.This study constructs the model and framework of China’s green credit, refines environmental finance theory, provides a precondition for the building up of the system. This study could provide ideas to China’s central bank as well as the the relevant government authorities.更多还原