我们为什么需要绿色金融?——从全球经验事实到基于经济增长框架的理论解释  

Why Do We Need Green Finance?Global Empirical Facts and Theoretical Explanations in an Economic Growth Framework

作　　者：文书洋[1] 张琳[1] 刘锡良[1] WEN Shuyang;ZHANG Lin;LIU Xiliang(Institute of Chinese Financial Studies,Southwestern University of Finance and Economics)

机构地区：[1]西南财经大学中国金融研究中心,四川成都610000

出　　处：《金融研究》2021年第12期20-37,共18页Journal of Financial Research

基　　金：国家社科基金重大项目(20&ZD081);国家社会科学一般项目(20BJY255);教育部人文社会科学研究西部和边疆地区青年基金项目(21XJC790012);西南财经大学中国特色现代金融理论平台的支持。

摘　　要：当前,绿色金融备受关注,然而该领域的基础理论尚需进一步强化。根据经济学的一般原理,由于污染的外部性问题,环保的主要力量应当是公共部门而非金融系统。然而为何越来越多国家选择发展绿色金融?其背后的经济学原理是什么?深入探讨这些问题是有效制定政策、构建绿色金融理论体系的基础。本文基于跨国面板数据的分析表明,绿色金融对经济增长具有显著的促进效应,表现出与公共部门环保投入的显著差异。在此基础上,本文构建基于经济增长框架的绿色金融理论模型,对经验事实给出理论解释。模型证明:绿色金融的成本分摊与风险分担功能使其具有独特的长期增长效应,是经济发展必然选择;绿色金融政策与绿色财政政策的协调配合是实现高质量发展的有效手段。本文从理论层面回答了“为什么需要绿色金融”这一问题,为绿色金融的经济学理论发展和政策分析提供了可借鉴的框架。Green development is a must for human progress,and the role of finance in green development is receiving more attention.“Green finance”generally refers to financial products,markets and policies related to environmental protection and sustainable development.In academia,the concept of green finance is closely related to environmental and climate finance and overlaps sustainable finance and socially responsible investing(SRI).In the past two decades,the development of global green finance has significantly advanced,and green finance issues have received increasing attention.However,theoretical research in this field lags behind.Although the number and proportion of studies have grown rapidly,and the economic theory of green finance is weak.Scholars struggle to rigorously answer the fundamental question of why we need green finance.According to the general principles of economics,the externality of pollution indicates that the main force of environmental protection should be the public sector rather than the financial system.However,more and more countries are choosing green finance.What is the economic intuition behind this phenomenon?An in-depth discussion of these issues forms the basis for effective policymaking and the development of green finance theory.This study uses data on listed companies worldwide to estimate the debt ratio of green enterprises in various countries as a proxy indicator of green finance.Then,combining that with fiscal expenditure data from the United Nations,we examine the changes in global green finance and government expenditures on environmental protection.The results show that in the past 20 years,total global government expenditures on environmental protection have slightly increased,but the ratio of this expenditure to GDP has a downward trend.Meanwhile,the scale and ratio of green finance to GDP have continued to increase,and the development level of green finance has been in line with the economy.Further cross-country panel data analysis shows that green finance effectively p

关 键 词：绿色金融 经济增长 高质量发展 政策配合 

分 类 号：F831[经济管理—金融学] X196[环境科学与工程—环境科学] F113