我国绿色证券投资基金绩效分析  

Performance Analysis of Green Investment Fund in China

作　　者：高芸[1] 王若琳 GAO Yun;WANG Ruolin(Department of Economics,Party School of the Jilin Provincial Committee of CPC(Jilin School of Administration),Changchun,Jilin 130012)

机构地区：[1]中共吉林省委党校(吉林省行政学院)经济学教研部,吉林长春130012

出　　处：《长白学刊》2022年第2期102-113,共12页Changbai Journal

基　　金：中共吉林省委党校(吉林省行政学院)学习贯彻党的十九届六中全会精神专项课题“以新发展理念引领经济高质量发展问题研究”(2021LZ07)。

摘　　要：当前,构建绿色金融体系已成为推动绿色经济快速发展、实现“碳达峰、碳中和”目标的重要途径。着眼绿色基金领域,通过分析基金重仓股明细,以及进行单因素评价模型的实证检验,探究我国绿色证券投资基金能否兼顾环境效益与经济效益的双重目标。结果显示,部分样本基金没能很好地执行投资策略,需调整资金配置,增加对绿色环保相关行业的投资;大部分样本基金在剔除掉风险因素的风险调整后收益的对比分析中,表现出了较强的获利能力,基金管理者市场调整和分散风险的能力较强。综合来看,我国绿色证券投资基金未能兼顾环境效益与经济效益的双重目标,环境效益有待进一步提高。为此,建议基金经理人对投资策略要充分予以执行,严格按照“绿色”标准选股投资;要进一步完善与绿色证券投资基金发展相关的配套机制和法律法规,丰富和完善绿色证券投资基金评价体系;提高投资者对绿色证券投资基金的认可度,建立多层次多元化投资主体结构。At present,the construction of green financial system has become an important way to promote the rapid development of green economy and achieve the“carbon peak and carbon neutrality”goals.Focusing on the field of green funds,this paper examines whether green investment fund in China can achieve the dual objectives of environmental and economic benefits by analyzing the fund holdings details and empirical test of evaluation model of single factor.The results show that some sample funds failed to implement the investment strategy well,so it is necessary to adjust the allocation of funds and increase the investment in green-related industries.In the comparative analysis of the risk-adjusted return excluding risk factors,the sample funds showed strong profitability,and fund managers have strong ability to adjust the market and spread the risk.On the whole,green investment funds in China cannot achieve the dual objectives of environmental and economic benefits,the environmental benefits need to be further improved.Therefore,it is suggested that fund managers should fully implement the investment strategy and strictly select stocks in accordance with the“green”standard.It is necessary to further improve the support mechanisms and laws and regulations related to the development of green investment fund,and improve the evaluation system of green investment fund.At the same time,we should improve investors’recognition of green investment fund,and establish a multi-level and diversified investment subject structure.

关 键 词：绿色证券投资基金 环境效益 经济效益 绿色金融 

分 类 号：F830.91[经济管理—金融学]