市场导向型环境金融创新研究

发布时间：2018-01-16 22:27

本文关键词：市场导向型环境金融创新研究　出处：《武汉理工大学》2013年博士论文　论文类型：学位论文

【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。
[Abstract]:Environmental finance is the financial industry to deal with environmental protection needs of the innovative financial model, is the important role of sustainable economic development of the financial industry to play. The basic theory of Environmental Finance Based on Environmental Economics and financial innovation, emphasizing the market macro management and micro financial market of financial innovation incentive. In response to the sharp resources the pressure on the environment, realize the sustainable growth of China's economic growth and environmental protection, it is necessary to vigorously promote the development of financial innovation environment. Therefore, our country also clearly put forward the transformation of economic growth mode, realize from the main use of administrative methods to change the comprehensive use of economic market reform goals. Under this background, the relationship between government and market from the perspective of systematic research on the environment of financial innovation and has important theoretical and practical significance and puts forward some suggestions on China.
This paper puts forward the research ideas of environmental financial innovation, market orientation, financial management of environmental policy tools of innovation based on the market, and financial institutions active financial innovation environment under the balance of risks and benefits. Firstly, based on research and development of domestic and international financial environment were summarized, pointed out the research significance and the starting point of this paper effectively the use of market mechanisms to promote financial innovation environment, the significance of the research put forward the environment of financial innovation based on market orientation, and put forward the goal of the research, research contents and methods, to provide support for the framework of this article.
In the theory part firstly summarizes the basic theory of environmental financial innovation. The theory of sustainable development, sustainable financial theory, financial innovation theory is reviewed, and based on the relationship between government and market, policy financial function theory based on the policy environment of financial innovation are reviewed, from the financial function view, corporate social responsibility the stakeholder theory and the theoretical basis of the financial innovation of commercial environment are reviewed. Based on the summary of the theory, the financial environment and financial innovation environment connotation, characteristics and classification were discussed, and points out the market policy environment of financial management innovation and commercial environment on the basis of financial innovation, put forward by market policy environment of financial innovation and financial innovation active commercial environment which is composed of "market oriented financial innovation" concept, pointed out Market oriented development trend of financial innovation environment. Based on the theory of financial innovation, motivation of financial innovation environment were analyzed. In the analysis of the mechanism of financial policy environment for financial innovation of commercial environment, analyzes the amplification effect of policy environment of financial capital support mechanism and financial innovation of commercial environment additional and leverage, and for the low carbon environmental protection projects in the development of financing capacity and cycle technology bottleneck and puts forward some ways of Death Valley policy environment financial leveraging commercial financial environment.
In the part of empirical analysis, the practice of international policy and commercial environment of financial innovation to analyze and summarize the experience. The whole of Europe and the United States banking initiative has a good environment of financial development scale, social responsibility investment has entered the mainstream capital markets in Europe and the United States, the experience of the reference papers on international policy. Financial institutions use the market environment of financial management tools to change the risk benefit of commercial financial institutions, so as to encourage the production and diffusion of financial innovation of the commercial environment experience were analyzed and summarized.
Based on the analysis of the current situation of the financial environment of our country, through the research and evaluation of China's commercial banks and the status of implementation of green credit performance, pointed out that the environment of financial innovation of commercial banks in China is still at a very preliminary stage, lack of initiative and innovation. The innovation of capital market environment of social responsibility investment products is also very slow, and by an empirical study of social responsibility and social responsibility investment fund performance index shows that both the environmental responsibility performance of investment in the capital market is not lower than that of the traditional way of investment, so the SRI failed to form a reason to discuss the mainstream investment form. Because of the general status of banking background and policy reform of China's environmental policy, environmental policy finance in China in the use of market-oriented means to guide the management environment of financial innovation of commercial banks function is still relatively scarce.
Finally, combined with the present situation and the international experience of financial innovation in China's environment, proposed consummates our country market oriented financial innovation environment, innovation policy based on market financial management tools, proposed measures to encourage commercial banks and capital market initiative environment of financial innovation.

【学位授予单位】：武汉理工大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832

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