摘要
本文基于2010—2017年中国334家公众公司的微观数据,评估中国绿色政策对绿色金融发挥的治理效应,以及不同类型的绿色政策对绿色金融的治理效应是否具有差异性。研究结果表明:(1)总体上来看,中国的绿色政策提高了绿色金融的治理效果,但值得注意的是,中国绿色金融的整体治理水平依然偏低;(2)监管领域的绿色政策和财政领域的绿色政策对绿色金融的治理效应有一定差异;(3)监管方在银行信贷的绿色监管政策对提高绿色金融治理起到了一定效果,但在资本市场的绿色监管政策不足,使得绿色金融的治理效应偏低;财政领域的绿色政策对绿色金融的治理效应也并不显著。因此,决策部门应进一步完善绿色金融政策配套体系和绿色金融监管链条,逐步提高绿色财政资金配置效率和使用效益,进而不断优化绿色金融治理效应。
Based on micro data of 334 public companies in China from 2010-2017, this paper evaluates the governance effects played by green policies on green finance in China and whether there are differences in the governance effects of different types of green policies on green finance. The findings show that(i) in general, China’s green policies have improved the governance effect of green finance, but it is worth noting that the overall governance level of green finance in China is still low;(ii) there are some differences in the governance effects of green policies in the regulatory area and green policies in the fiscal area on green finance;and(iii) the green regulatory policies of regulators in bank credit have been effective in improving the governance of green finance. However, the green regulatory policies in the capital market are insufficient, making the governance effect of green finance low;the green policies in the fiscal area also do not have a significant governance effect on green finance. Therefore, the policy-making department should further improve the green financial policy support system and green financial supervision chain, gradually improve the efficiency of green fiscal fund allocation and use effectiveness, and then continuously optimize the green financial governance effect.
出处
《宏观经济研究》
CSSCI
北大核心
2021年第6期133-145,共13页
Macroeconomics
基金
国家社科基金一般项目“推动新旧动能转换的财政金融协同机制研究”(19BJY223)的资助。
关键词
绿色政策
绿色金融
治理效应
Green policy
Green finance
Governance effects
