| The burden of human economic and social activities brought to the ecological environment has already reached or exceeded the upper limit of its carrying capacity.If we do not actively take effective measures to deal with environmental problems such as climate change,it will lead to a rapid increase in the cost of emission reduction,resulting in the global growth reaching limit or more serious disasters.Green development has become a new engine for dealing with ecological problems and leading economic growth.The “New Green Deal” and “Green Development Strategy” plans implemented by the United States,Japan and other countries are all active explorations of green development.After more than 30 years of rapid growth,China’s economy has gradually entered a new normal state.The innovation,coordination,inclusiveness and sustainability of the development model have become new concerns.The economic operation has gradually entered the track of ecological civilization construction.Green,circular and low-carbon development have become new targets for economic development.The report of the 19 th National Congress of the Communist Party of China emphasizedthat we should treat the overall layout of the "five in one" as the program and the five development principles of "innovation,coordination,greenness,openness and sharing" as the guideline,to establish and practice the idea – "lucid waters and lush mountains are invaluable assets",to promote the formation of a green development mode and lifestyle,and to adhere to the path of civilized development of production development,affluent life and good ecology.It is estimated that,in order to achieve China’s goal of green development and ecological civilization construction,in the next five years,at least 2 trillion yuan of investment will be needed each year,accounting for 3% of total GDP,while government investment can only account for 10% or 15%.A huge funding gap needs to be supported by innovation in the financing mechanism.In August 2016,the State Council and the seven ministries and commissions issued the “Guiding Opinions on Building a Green Financial System” and officially launched the national carbon market at the end of 2017.Since at the early stage of the development of green industry,there are phenomena such as mismatch of return and risk as well as mismatch of term structure,it is difficult to effectively attract commercial financial institutions to enter the carbon market.Therefore,the demonstration and guidance of state-owned financial institutions are needed.The State Council issued the "Guiding Opinions on Improving State-Owned Financial Capital Management" in 2018,further clarifying the dominant position of state-owned financial capital in the financial system and its important functions in serving the real economy,preventing financial risks and deepening financial reform.Under the circumstance above,this paper follows the logic of “how the state-owned financial system promotes the development of green economy – how does it function – how to better promote it”.First,this paper clarifies the mechanism,path and effectiveness of how the stated-owned finance using the green credit,green insurance,green bonds and green fund promote green economy development.Subsequently,this paperdoes empirical tests by using some econometric method,such as DEA-TOBIT model,evolutionary game model,double difference method and principal component analysis.With regard to how state-owned finance uses green credit to promote green development,based on the literature analytical method,this paperfinds that the state-owned finance has scale advantages,and green credit has a significant positive impact on macro-environmental quality improvement,meso-industrial structure adjustment and micro-level commercial banks’ long-term competitiveness.Furthermore,based on the MaxDea empirical test,this paper also finds that,to the commercial banks with higher proportion of state-owned components,the green credit business is good for its pure technical efficiency,i.e.promoting green credit is the requirement for the state-owned banks to implement green credit policy and also the drive for itself to improve its efficiency.It is recommended to take advantage of multi-level state-owned finance,explore the interest coordination mechanism of green credit-related participants,at the same time improve the institutional supply of green credit facilities and optimize the institutional environment for green credit development.With regard to how state-owned finance uses green insurance to promote green development,this paperdiscusses how state-owned finance promote the path of green insurance development from the aspects of financing mechanism and market incubation mechanism.This paper also analyzes the problems faced by green insurance from macro,meso and micro levels and providesoptimized behavior selection strategies from the perspective of the government,insurance institutions and enterprises.With regard to how state-owned finance uses green securities to promote green development,firstly,this paper states the its internal logic from three aspects,including scale effect,demonstration function and institutional advantage and finds that China’s green bond market is in a stage of rapid development and environmental benefits are obvious and State-owned financial resources have played a role in the development of China’s green bond market.Furthermore,based on the different leading sectors,this paper summarizes the paths of how state-owned finance promote the development of green funds as follows: First,the government sets up guiding funds to attract financial capital and social capital to enter and jointly establish green industry funds;Second,the large-scale central enterprises play the driving role to set up green industry investment fund.Third,state-owned financial institutions cooperate with well-known enterprises in the industry to launch green industry funds.Fourth,strengthening the cooperation between government and social capital through PPP mode,the environmental protection industry fund is set up.At last,based on evolutionary game theory,this paper analyze the behavior boundaries of different subjects in PPP mode and finds that,by matching reasonable risk sharing mechanism and future income strategy,state-owned finance attractsprivate and social capital through PPP mode to promote the development of green economy.With regard to how state-owned financial capital uses carbon market to promote green development,through layer-to layer deep analysis of shareholding ratios of the shareholders,this paper analyze the state-owned proportion of seven main carbon emission trading trials and recognize the paths of how state-owned finance promote the construction and operation of the carbon market.Then,by double difference method,the efficiency of the carbon market is tested.The research finds that state-owned finance has played a leading role in the construction of the carbon emission trading system through three channels: property rights trading center,large scale central enterprises,and financial intermediaries,effectively promoting the realization of energy conservation and emission reduction,and realizing the green allocation of state-owned financial resources.With regard to the efficiency of the green allocation of state-owned financial resources,this paper takes the theory of corporate social responsibility as the theoretical basis,and take the banking industry as the object of investigation.According to the order of the government’s shareholding ratio from high to low,this paper constructs a multi-level financial asset framework consisting of policy banks,state-controlled commercial banks and joint-stock commercial banks.This paper redefines the "green" and "greenization" from the three dimensions of environment,fairness and efficiency,and builds a green evaluation index system.The research shows that since the "12th Five-Year Plan" which was launched in 2011,the allocation of financial resources has shown greenization trend,the level of greening of large state-ownership commercial banks has been significantly higher than that of common joint-stock commercial banks,the commercial banks with higher government shareholding ratio have played a leading role in behavior selection to the commercial banks with lower government shareholding ratio and the leading role should be strengthened in the future.At last,this paper summarizes the conclusions and suggests to construct a state-owned green development system from multiple dimensions,including from the financial industry,"three high" industry,green environmental protection industry,from the demonstration and guidance functions,resource allocation functions,risk dispersion functions,from the central and Local governments,central enterprises,financial institutions and from monetary policy,fiscal policy and other supporting policies.This paper also makes suggestions on the future research directions. |
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