Evaluation On The Quality And Effect Of China's Green Financial Policies

After nearly four decades' improvement,the green financial policy system has become an important force to promote the construction and development of China's green financial system.Although the extant literature has conducted useful research on China's green financial policy,there is still a lack of systematic study on the comprehensive evaluation of China's green financial policy system and its effects.Therefore,this thesis aims to systematically study and evaluate green financial policies from the perspective of green financial policy system,and provides theoretical and practical foundation for facilitating China's deep development of green finance.The thesis consists of seven chapters as follows:The first chapter is introduction.This chapter starts with the introduction of China's economic achievements and the constraints it is faced with,and follows by the research background and significance of the thesis.Meanwhile,the relevant literature,research content,research methodology,technology road map,and the contribution and limitations are given.The second chapter is a review of green financial policy and theoretical basis.First,this chapter systematically elaborates the green financial policy.Then,after summarizing the definitions of green finance in Chinese and foreign literature,this chapter attempts to define green finance from multiple perspectives.Second,this chapter introduces the composition of China's green financial policy system.Literature review found that China's green financial policy system mainly includes five categories,namely green credit policy,green bond policy,green fund policy,green insurance policy,and carbon emission trading policy.Third,this chapter introduces the useful experience gained from the practice of green finance at home and abroad.Finally,this chapter sorts out the relevant theories related to green financial policy,and lays the theoretical foundation for subsequent analysis.The third chapter is green financial policy and its system.This chapter firstly defines the three development phases of China's green financial policy,and analyzes the progress of China's green financial policy in the framework of multilateral cooperation.On this basis,this chapter examines the characteristics of China's green financial policy system.Based on the previous review of China's green financial policy,this chapter summarizes the characteristics of China's green financial policy evolution,analyzes the periodic effects of China's green financial policy,examines the carbon dioxide emissions at different stages of policy development,and preliminarily evaluates the effects of green financial policy.The fourth chapter is the quality analysis of green financial policy.Based on the 11 th Five-Year to the 13 th Five-Year Plan as the top-level design of China,this chapter establishes an evaluation system for green financial policies.The scientific evaluation indicators can be summarized into six categories,including industrial structure adjustment,energy saving and emission reduction,circular economy,new technology,market allocation of resources,and ecological restoration and prevention.Analytic hierarchy processes are used to construct these evaluation indicators into evaluation system.Based on this evaluation system,this chapter uses fuzzy synthetic evaluation method to evaluate China's green financial policy.The fifth chapter is the effect and evaluation of green financial policy from the perspective of policy heterogeneity.This chapter discusses the connotation and mechanisms of green credit policy,green bond policy,green fund policy,green insurance policy,and carbon emission trading policy,respectively.On this basis,this chapter uses mixed-effect model,random-effect model,two-way fixed-effect model,and difference-in-difference method to evaluate the effects of various green financial policies.The sixth chapter is the effect and evaluation of green financial policy from the perspective of the policy development stage differences.Based on the green financial policy stages defined in the previous chapter,this chapter uses a two-way fixed-effect model and sub-sample regression to examine the effect of the scale of the Chinese financial industry on the green development of the economy in the different development stages of green financial policy.The aim of this chapter is to evaluate the guiding role of green financial policies in different development stages on the green development of the financial industry.Chapter Seven is the optimized design of China's green financial policy.This chapter provides policy implications for improving China's green financial policy system from the perspective of optimizing the green financial policy system from the perspective of optimizing the coordinated mechanism for green development.This thesis systematically studies the green financial policy,evaluates its quality and effects,and draws the following main conclusions.First,this thesis defines three evolution stages of China's green financial policy system.Second,this paper analyzes the characteristics of carbon dioxide emissions at different stages according to the principle of Environmental Kuznets Hypothesis.Third,China's green financial policy evaluation system has been established.The combination of fuzzy comprehensive evaluation method and policy evaluation system can quantify the quality of China's green financial policy and rank the quality of green financial policy.Fourth,the effects of various green financial policies are analyzed separately,and the following conclusions are drawn.First,green loans promoted by green credit policies help commercial banks improve profitability.Second,China's green bond market has played a positive role in promoting the development of China's bond industry.Third,green fund has made positive progress through the cooperation with the government and the third party capital,which has a significant role in promoting the development of China's fund industry and helping China's energy conservation,environmental protection and carbon emission reduction.Fourth,green insurance has positive effect on the development of both the primary and secondary industry.Fifth,the carbon emission trading pilot policy has positive effects in reducing carbon emissions in the pilot areas.Fifth,it is found that the implementation of green financial policies has significantly changed the financial development from the traditional extensive pattern to intensive pattern with technology,innovation,low consumption,high quality and greenization,and largely enhanced the development level of green economy.At the same time,policy formulation and policy effects need to be further improved.